Manama: Bahrain-based life insurer LIC (International), a subsidiary of Life Insurance Corporation (LIC) of India, has posted a profit of $7.5 million for the first half of the year.

A statement issued after the company’s 91st board of directors’ meeting at the Mövenpick Hotel Bahrain yesterday said the investment income of the company as on June 30 was $32.5m.

Total assets increased to $213m during the first half and the company remains confident of becoming a $2 billion enterprise by 2020.

The meeting was attended by LIC India chairman S K Roy, managing director V K Sharma and other directors including managing director and chief executive Rajesh Kandwal.

The first premium income (FPI) target for the whole of the year has already been achieved on June 30, Mr Kandwal said.

During the first seven months till July 31, the company issued 5,877 policies and earned $212.4m as FPI as against the annual target of 12,100 policies and $200m FPI.

During July, Abu Dhabi Commercial Bank, a newly inducted bancassurance partner, contributed about $75m premium.

A new agreement has again been signed with Mashreq Bank, Dubai.

Mr Kandwal said the IT security policy of the company has been finalised and a revised risk management policy laying the foundation for prudent risk management with a long term perspective, has been put in place.

A completely revamped website is under process and due to be launched very soon, he added.