TDT | Manama
Daily Tribune – www.newsofbahrain.com
LIC’s 136th board meeting was held on November 23rd. Siddhartha Mohanty, Chairman of the Board, M. Jagannath, Vice Chairman of the Board and other directors attended the meeting through video conferencing.
The meeting included a detailed review of the company’s new business performance, financials, investment income and operating performance through September 30th.
Unaudited financial statements for the third quarter were approved. Our net premium income was $49.4 million in the third quarter, compared to $77.53 million in the prior year period.
Claims paid to policyholders during the period amounted to $275.13 million, compared to $210.31 million in the same period last year. Our investment income for the third quarter was $61.16 million, compared to his $60.66 million in the same period last year.
The company has launched a new product, LIC International Child Education Plan, in the UAE during 2023. Similarly, Bahrain’s new child education plan is also expected to be launched in December 2023. Previously, non-single premium unit linked insurance plans (ULIPs) were offered. Launched for UAE and Bahrain branches.