Dhaka, Bangladesh (BBN) – Indian Life Insurance Corporation (LIC) has started its operations formally in Bangladesh as part of its plan to widen its international footprint.
Indian state-run company has started as a joint venture Company with its Partners Strategic Equity Management Ltd., and Mutual Trust Bank of Bangladesh, according to an Indian High Commission statement.
“The Corporation has a vision to expand its Life Insurance business throughout this country by giving best of the service to its customers as it has been doing in other parts of world where it has its presence particularly in Asian subcontinent,” the statement explained.
The LIC has introduced five insurance plans in this country which are very attractive and beneficial for everyone. “The Corporation plans to bring in more insurance products with attractive features in the near future.”
The new company’s authorised capital is BDT 1.0 billion while paid-up capital BDT 600 million, according to LIC Bangladesh’s website.
Mutual Trust Bank has bought a 3.0 per cent stake in LIC’s Bangladesh venture, while SEML, a fund management company, bought 7.0 per cent shares.
M Shefaque Ahmed, chairman of the Insurance Development and Regulatory Authority (IDRA), and VK Sharma, acting chairman of LIC, spoke at the inauguration programme at Radisson Blu Hotel in the capital Dhaka on Tuesday.
Syed Manzur Elahi, chairman of Apex Group, Adarsh Swaika, deputy high commissioner of Indian High Commission in Dhaka, and Benazir Ahmed, director-general of the Rapid Action Battalion RAB), were also present.
Currently, a total of 77 insurance companies are operating in Bangladesh, of which, 46 are non-life, including one state-owned company. There are 31 life insurers, including state-run Jiban Bima Corporation.