LIC International registers $40.82mln premium income

The total investment income of the company for the quarter was $21.97mln


MANAMA: LIC International, a joint venture between life insurance major LIC of India and Bahraini business house International Agencies Company (Intercol), has reported premium income of $40.82 million as of end-March 2020.

In a statement issued after the 111th board meeting held on Tuesday, the company announced that an amount of $51.91m has been incurred as claims to customers during the first quarter this year compared with $118.91m incurred during the corresponding period of last year.

The total investment income of the company for the quarter was $21.97m compared with $22.56m during the corresponding period last year.

During the period, five consultants were qualified as MDRTs compared with one consultant for last year.

M R Kumar, chairman of LIC of India, and other directors of the board were present for the meeting through video conference.

The board took note of the subdued single premium new business income of the company due to Covid-19, which has affected the world economy and financial markets severely.

LIC International has been providing life insurance services in the region since 1989.

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