LIC (International)’s Press Release of Remarkable Growth in the 137th Board Meeting held on 4th March 2024 in the Daily News Tribune, GDN and Gulf Madhyamam.
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The international rating agency, AM Best affirms the rating of one of the leading life insurance companies in Bahrain, Life Insurance Corporation (International) B.S.C. (c), an offshore subsidiary of the insurance behemoth, Life Insurance Corporation of India. LIC (international) has received a Financial Strength Rating of “B” (Fair) and Long Term Issuer Credit Rating of “bb” (Fair), both while retaining a stable outlook.
The rating reflects the strength of LIC (international) balance sheet which is evaluated as Strong. However, volatility in company’s capital adequacy and its high level of sensitivity to financial markets remain offsetting factors to its balance sheet strength. Moreover, AM Best expects the company’s prospective capital adequacy to demonstrate greater resilience post the capital injection from its parent company, Life Insurance Corporation of India (LIC of India), and internal capital generation.
Company’s strategic objective is oriented towards strengthening the risk-adjusted capitalization through less capital-intensive business, such as unit-linked insurance products (ULIP). The rating indicates a fair ability of the Company to meet the ongoing insurance obligations. However, financial strength is vulnerable to adverse changes in underwriting and economic conditions.
During the period of five years from 2018 to 2022, the weighted average return on equity (ROE) of the company was -9.8%. The ROE is negatively skewed by the significant loss incurred in 2022. However, the new strategies implemented by the company for a turnaround has led to achieving ROE of 5.7% in 9 months till Q3 of 2023.
LIC International’s Chief Executive Officer, Mr. Debashis Prasad Pattanaik said: “We are delighted at the affirmation of rating by AM Best, the International Rating Agency which serves as a testament to strategic measures adopted by the company in improving the capital adequacy. Company is confident to post a positive operational result as at Dec 2023, which will enable the Company to enhance the discretionary bonus to its policyholders. Besides, the company with its brand equity, proven track record and avowed customer service, and with its new strategies and long-term vision is confident of charting a higher growth path, going forward.
To conclude, LIC International is poised to meet the customer and other stakeholders’ expectations through product innovation, operational digitalization, exploring newer business opportunities and well-researched insurance solutions: aiming to become the ultimate ‘life insurer of choice’ for the insuring public.”
The international rating agency, AM Best affirms the rating of one of the leading life insurance companies in Bahrain, Life Insurance Corporation (International) B.S.C. (c), an offshore subsidiary of the insurance behemoth, Life Insurance Corporation of India. LIC (international) has received a Financial Strength Rating of “B” (Fair) and Long Term Issuer Credit Rating of “bb” (Fair), both while retaining a stable outlook.
The rating reflects the strength of LIC (international) balance sheet which is evaluated as Strong. However, volatility in company’s capital adequacy and its high level of sensitivity to financial markets remain offsetting factors to its balance sheet strength. Moreover, AM Best expects the company’s prospective capital adequacy to demonstrate greater resilience post the capital injection from its parent company, Life Insurance Corporation of India (LIC of India), and internal capital generation.
Company’s strategic objective is oriented towards strengthening the risk-adjusted capitalization through less capital-intensive business, such as unit-linked insurance products (ULIP). The rating indicates a fair ability of the Company to meet the ongoing insurance obligations. However, financial strength is vulnerable to adverse changes in underwriting and economic conditions.
During the period of five years from 2018 to 2022, the weighted average return on equity (ROE) of the company was -9.8%. The ROE is negatively skewed by the significant loss incurred in 2022. However, the new strategies implemented by the company for a turnaround has led to achieving ROE of 5.7% in 9 months till Q3 of 2023.
LIC International’s Chief Executive Officer, Mr. Debashis Prasad Pattanaik said: “We are delighted at the affirmation of rating by AM Best, the International Rating Agency which serves as a testament to strategic measures adopted by the company in improving the capital adequacy. Company is confident to post a positive operational result as at Dec 2023, which will enable the Company to enhance the discretionary bonus to its policyholders. Besides, the company with its brand equity, proven track record and avowed customer service, and with its new strategies and long-term vision is confident of charting a higher growth path, going forward.
To conclude, LIC International is poised to meet the customer and other stakeholders’ expectations through product innovation, operational digitalization, exploring newer business opportunities and well-researched insurance solutions: aiming to become the ultimate ‘life insurer of choice’ for the insuring public.”
For the Article visit: https://www.newsofbahrain.com/business/96642.html
The international rating agency, AM Best affirms the rating of one of the leading life insurance companies in Bahrain, Life Insurance Corporation (International) B.S.C. (c), an offshore subsidiary of the insurance behemoth, Life Insurance Corporation of India. LIC (international) has received a Financial Strength Rating of “B” (Fair) and Long Term Issuer Credit Rating of “bb” (Fair), both while retaining a stable outlook.
The rating reflects the strength of LIC (international) balance sheet which is evaluated as Strong. However, volatility in company’s capital adequacy and its high level of sensitivity to financial markets remain offsetting factors to its balance sheet strength. Moreover, AM Best expects the company’s prospective capital adequacy to demonstrate greater resilience post the capital injection from its parent company, Life Insurance Corporation of India (LIC of India), and internal capital generation.
Company’s strategic objective is oriented towards strengthening the risk-adjusted capitalization through less capital-intensive business, such as unit-linked insurance products (ULIP). The rating indicates a fair ability of the Company to meet the ongoing insurance obligations. However, financial strength is vulnerable to adverse changes in underwriting and economic conditions.
During the period of five years from 2018 to 2022, the weighted average return on equity (ROE) of the company was -9.8%. The ROE is negatively skewed by the significant loss incurred in 2022. However, the new strategies implemented by the company for a turnaround has led to achieving ROE of 5.7% in 9 months till Q3 of 2023.
LIC International’s Chief Executive Officer, Mr. Debashis Prasad Pattanaik said: “We are delighted at the affirmation of rating by AM Best, the International Rating Agency which serves as a testament to strategic measures adopted by the company in improving the capital adequacy. Company is confident to post a positive operational result as at Dec 2023, which will enable the Company to enhance the discretionary bonus to its policyholders. Besides, the company with its brand equity, proven track record and avowed customer service, and with its new strategies and long-term vision is confident of charting a higher growth path, going forward.
To conclude, LIC International is poised to meet the customer and other stakeholders’ expectations through product innovation, operational digitalization, exploring newer business opportunities and well-researched insurance solutions: aiming to become the ultimate ‘life insurer of choice’ for the insuring public.”
For the Article visit: https://www.gdnonline.com/Details/1302206
LIC (International) B.S.C. (c) marked the kingdom of Bahrain’s 52nd National Day with an in-house celebration on 14th December, 2023 at the Company’s Corporate Office .
MEET OUR DIRECTORS
Mr. Siddhartha Mohanty
Chairperson of Life Insurance Corporation of India and Chairman on the Board of LIC (International) B.S.C (C)
Mr. M. Jagannath
Managing Director of Life Insurance Corporation of India and Deputy Chairman on the Board of LIC (International) BSC (c)
Mr. Abdulrahman Alwazzan
Director of M/S International Agencies Co. Ltd. ( Intercol), Bahrain and Director on the Board of LIC (International) B.S.C (C)
Mr. Thomas Mathew T.
Independent Director on the Board of LIC (International) B.S.C (C)
Mr. V. Chandrasekaran
Independent Director on the Board of LIC (International) B.S.C (C).
Mr. D.P. Pattanaik
CEO and Executive Director of LIC (International) B.S.C (C) and Director on the Board of LIC (International) B.S.C (C).)
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About Us
LIC (International) B.S.C.(C) is an offshore subsidiary of Life Insurance Corporation of India, an organization wholly owned by Govt. of India. LIC (International) BSC (C ) incorporated in the Kingdom of Bahrain ( C.R No. – 21606 ) and licensed by the Central Bank of Bahrain as a Life Insurance Company. The paid up capital of the Company is US$ 173.12 million (BD 65,439,300).
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