Mumbai, India (BBN)– Life Insurance Corporation of India (LIC) is set to begin operations in Bangladesh soon in line with its international expansion strategy.
Its joint venture company, Life Insurance Corporation (LIC) of Bangladesh Limited is incorporated in mid-December 2015 and business operations will start shortly, the Business Standard reported quoting sources.
LIC, through its branches/joint venture companies/wholly-owned subsidiary, is present in 14 countries including places like Singapore, Kenya, Sri Lanka, Nepal and Bahrain among others.
Business growth in the overseas markets has also seen positive results in the past years. First Year Premiums and Total Premium Income from LIC’s global operations, as a whole, was Rs 14. 79 billion and Rs 24.04 billion in 2014-15, which has been growing at 39 per cent and 30 per cent over the previous five financial years.
With respect to opening up operations in other countries said that they will take a a call on further expansion at an opportune time. As per LIC’s Annual Report for 2014-15, the foreign branches put together issued 11,176 policies with first premium Income of Rs 1.23 billion.
Among the foreign joint venture companies, LIC (International) B.S.C. (c), Bahrain was established in Bahrain as a joint venture company which commenced its operations on 23.07.1989 catering to the life insurance needs of Non-Resident Indians (NRIs) and local population in the Gulf by issuing life insurance policies in US Dollars. The company operates in 5 GCC countries of Bahrain, Kuwait, UAE (Dubai & Abu Dhabi), Qatar and Oman.
Similarly, LIC (Nepal) Ltd., a joint venture company between LIC of India and Vishal Group of Companies with holding of public of Nepal was established in December 2001. It is a listed company whose shares are traded on the Nepal Stock Exchange.
The Corporation directly operates through its branch offices in Mauritius (Port Louis), Fiji (Suva & Lautoka) and United Kingdom (Wembley).