LIC (International) B.S.C. (c) receives AM Best ICR Upgrade to “bb+” with Stable Outlook

TDT | Manama

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AM Best, the international credit rating agency, has upgraded the Long-Term Issuer Credit Rating (ICR) of Life Insurance Corporation (International) B.S.C. (c) (“LIC (International)”) to “bb+” (Fair) from “bb” (Fair), while affirming its Financial Strength Rating (FSR) of “B” (Fair). The outlook for both ratings remains stable.

The upgrade reflects continued stability in the company’s risk-adjusted capitalization, which remained at the strongest level in 2025, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by capital growth and surplus.

The ratings continue to recognize LIC (International)’s strong balance sheet, conservative investment strategy, and sustained internal capital generation. The company’s investment portfolio is well diversified across fixed-income securities, sectors, and geographies, reinforcing its financial resilience and long-term sustainability.

LIC (International)’s operating performance is assessed as adequate, albeit subject to some volatility due to interest rate movements. The company reported a three-year average return on equity (ROE) of approximately 8% (2023–2025) under IFRS 17, demonstrating resilience in its investment performance. The underwriting results in 2025 were negatively impacted by the establishment of a provision for future bonuses on participatory products, in line with the reporting requirements. The rating agency expects the company to continue to formalize and enhance its risk management framework and capabilities.

The company continues to benefit from its strong niche positioning in serving the non-resident Indian market across the GCC region, supported by the strength of its parent brand and the portability of its insurance solutions.

Mr. Debashis Prasad Pattanaik, Chief Executive Officer of LIC (International), commented: “We are pleased with AM Best’s upgrade of our Issuer Credit Rating, which reflects the sustained strength of our capital position and the effectiveness of the strategic measures implemented by the company. This achievement underscores our commitment to financial discipline, policyholder value, and long-term stability. We remain confident in our future growth trajectory, supported by ongoing initiatives in digital transformation, product innovation, and enhanced distribution capabilities.”

LIC (International) remains focused on strengthening its market position by delivering customer-centric solutions, advancing digital capabilities, and pursuing sustainable growth opportunities. The company continues to build on its strong fundamentals to enhance stakeholder value and reinforce its position as a trusted life insurer in the region.