India's LIC plans expansion to Sri Lanka, Oman
Life Insurance Corporation (LIC) of India is re-entering the life insurance market in Sri Lanka. A Memoranda of Understanding (MoU) was signed by the LIC of India with the Bartleet Group of companies of Sri Lanka. The formal agreement between the two companies is expected to be finalised and signed by mid-July 2002.
LIC of India was operating in Sri Lanka untill the industry was nationalised in 1961. The insurance industry has again opened to competition a couple of years ago. Its re-entry into Sri Lanka foreshadows plans to enter other countries, an LIC statement revealed.
The company plans to begin operations "shortly" in the US through a corporate agency and in Oman through EC International Bahrain. LIC already has a presence in other Gulf Cooperation Council (GCC) countries, as well as the UK, Fiji and Mauritius.
In the fiscal year 2001, which ended March 31, 2002, LIC’s life insurance policy sales rose 16.2 percent as first premium income rose 137 percent. The company sold 23.2 million policies for the year. — (menareport.com)
© 2002 Mena Report (www.menareport.com)