MANAMA: LIC (International) has reported investment income of BD33.77 million ($89.33m) as of end-December 2019.
The announcement follows the 110th meeting of the company’s board of directors.
A statement issued after the meeting said during 2019, the company registered 9,616 policies, insured 2,881 lives and garnered BD86.55m ($228.98m) in total first premium income with a growth of 6pc in number of lives and 14pc rise in total premium income.
M R Kumar, chairman of LIC of India, and other directors of the board attended the meeting through video conference.
Vipin Anand, managing director of LIC of India, has becomes a member of the company’s board.
Detailed review of new business performance, financial highlights and investment performance for 2019 was made in the meeting.
The financial results for 2019 were approved.
During 2019, one consultant qualified as TOT (Top of the Table), four consultants qualified as COT (Court of the Table) and 26 consultants qualified as MDRT (Million Dollar Round Table).
Last year, the company also launched a new plan – Deferred Future Secure Pension Plan.
The board took note of the overall economic scenario.
The Covid-19 pandemic has affected the world economy and financial market severely.
Bonus for participating policies has been reduced depending upon plan and term of the policies and approved by the board.
However, loyalty addition and terminal bonus has been maintained.
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