LIC has had a good run in the Gulf countries with its Bahrain-based arm LIC International that manages the GCC markets becoming the best among its eight international subsidiaries in terms of new business premium collection in 2015.
The Bahrain-headquartered LIC International is present in five Gulf Cooperation Council (GCC) countries of Bahrain, Dubai, Kuwait, Oman and Qatar. This subsidiary has contributed over 80 per cent of the Corporation’s total overseas business in terms of new business in 2015.
The Corporation also has eight overseas subsidiaries – Britain, Fiji, Mauritius, Bahrain, Nepal, Sri Lanka, Kenya and Saudi Arabia.
“New business premium of LIC International grew by a whopping 197 per cent at USD 121 million in 2015,” chief executive and managing director of LIC International Rajesh Kandwal told.
“We sold 13,120 policies in 2015, which is a growth of over 16 per cent over previous year. In terms of the number of policies, we enjoy over 88 per cent of market share in Bahrain in 2014,” he added.
