Life Insurance Corporation (International) BSC (c)
COMPANY AT A GLANCE
LIC (International) BSC (C) came into existence on the 23rd of July, 1989 in the Kingdom of Bahrain in partnership with International Agencies Co. Ltd. (Intercol), with the objective of providing life insurance cover to the Indian Diaspora in GCC countries. The journey of LIC (International) BSC (C) in the past 28 years is an exemplary story of sharing and fulfilling dreams and prosperity of thousands of NRIs. The Company operates in 5 GCC countries: Bahrain, Dubai Kuwait, Oman and Qatar.
LIC (Int’l) enjoys a niche market position targeting Indian expatriate communities within the GCC countries. However, the Company got license to sell life insurance products to residents of any nationality in few markets. The Company continues to deliver growth across all these countries leveraging the well-known Indian brand. Its parent company, state-owned LIC of India, is the strongest and the largest Life Insurance Company in India with the market share of more than 70%.
Starting its operations with USD 0.245 million of asset base, it has grown to more than a Billion-Dollar company today. With the market share of 45.85% and 89.98% in premium income and policies respectively as at 31st of December, 2016 (Source – CBB Insurance Market Review 2016), the Company has been the market leader in life insurance / long-term business in Kingdom of Bahrain for past many years.
To quote A.M. Best Rating Agency – “the Company has a strong and long track record of generating good profits driven by the sound and the consistent profitability or diversified global portfolio that has generated steady investment income and provides strong margin in excess of guaranteed payment”.
LIC (Int’l) has bagged number of awards and accolades including the prestigious MEIF 2012 from Central Bank of Bahrain, for its innovative products and customer service. The Company has always lived up to the trust of its customers by delivering on its promises through product innovation, excellent customer service and adoption.