LIC keen on growth abroad

By agencies   |   Tuesday, 15 February 2005, 08:00 Hrs
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THIRUVANANTHAPURAM:Despite competing with a host of new private life insurance companies, the state owned Life Insurance Corporation (LIC) has done well and is now planning to have offices in the Middle East, East Africa and South Asia.

LIC Managing Director T.S. Vijayan said the company still had a 90 percent market share in the number of policies sold.

"As on Jan 31 this year, we have recorded a 36 percent increase in premium growth over the same period last year. The premium collected touched 63.5 billion ($1.4 billion) while the number of policies sold stood at 14.61 million that has an insured amount of 1.12 trillion ($25.5 billion)," said Vijayan.

Speaking about expansion of foreign operations, he said LIC would soon set up base in Saudi Arabia in partnership with a local firm.

"In Dubai, we will have our own branch office along the lines of the present operations that we have in Bahrain. In Saudi Arabia, the rules do not permit opening our own office; so we have to go in for a local partner," said Vijayan.

The company is also looking at expanding its East African operations.

"We are already operating in Kenya and we are going to shortly commence operations in Madagascar, Tanzania and a few other East African countries. This would be managed by our LIC Mauritius office," said Vijayan.

LIC is also looking at SAARC countries like Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka, as and when the insurance sector is opened.

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