Bahrain-based LIC (International), a subsidiary of LIC of India, collected a total premium of $126.11 million in 2012, reflecting a 23 per cent growth, said a top official.

The company issued 9,801 policies in 2012 with sum assured of $116.19 million, chief executive and managing director R Thamodharan was quoted as saying in the Gulf Daily News, our sister publication.

"We are celebrating our 25th anniversary in July this year and will be launching some new products then," he added, speaking on the sidelines of an annual general meeting and 81st board meeting held at the InterContinental Regency Bahrain.

The company is also keen to enter the group business which will allow it to compete when health insurance is made mandatory in the country, he said.

"Our market share in Bahrain's life insurance market is 43 per cent and we expect that to grow. We will be adding seven sales agents to the team this year and will continue to increase the number of agents as we grow," Thamodharan said.

The company paid $27.06m to policyholders by way of claims last year.

Its income from investments was $47.2 million. Total investment grew 16.43 per cent to $760.21 million for last year from $652.91 million in 2011.

The company introduced one new product during the year which garnered premium of $25.42 million.

Directors who attended the meeting include LIC of India managing director Thomas Mathew, Intercol director Abdulrahman Ali Alwazzan and Mr Thamodharan. – TradeArabia News Service