Bahrain-based LIC (International), a regional subsidiary of Life Insurance Corporation of India (LIC), has launched smartphone apps on Android and iOS platforms.

The apps, which have been developed by Bahraini firm Appshouse, will allow customers to get updates on their policies, as well as access to product and service information, said a report in the Gulf Daily News (GDN), our sister publication.

The launch was held at the Movenpick Hotel after the 89th meeting of the company's board of directors.

LIC chairman S K Roy, managing director V K Sharma, Intercol director Abdulrahman Ali Alwazzan and LIC (International) new chief executive and managing director Rajesh Kandwal attended the meeting.

A detailed review of the new business performance, financials and also investments for last year was done in the meeting.

The company achieved its target both in number of new policies issued (11,274) and first premium income collected ($185.45 million).

It has seen 62 per cent growth in non-single premium.

The investment income for last year increased to $68.65 million from $45.09 million in the previous year.

An amount of $85.18 million was paid to policyholders by way of claims and other payments against $63.52 million of 2013.

Total assets increased to $1,240.48 million from $1034.42 million in 2013, showing a growth of 20 per cent.

The company earned a profit of $12.08 million as against $11.39 million in 2013.

The year also saw the launch of two conventional products, Silver Anniversary Health Insurance and Pure Term Assurance. - TradeArabia News Service