Staff Reporter

Plans composite company in Riyadh

MADURAI: The Life Insurance Corporation of India plans to start a composite company in Riyadh, the capital of Saudi Arabia soon and also make a foray into the insurance sector in New Zealand.

Talking to reporters here recently, its Managing Director, K. Sridhar, said the LIC was working out a strategy to establish itself in New Zealand. The decision on whether to establish a subsidiary or a branch or take up joint venture would hinge upon the result of the ongoing survey, he said. The LIC owned subsidiaries in Bahrain, Sri Lanka and Nepal and had overseas branches in Fiji, Mauritius and London. The Zonal Manager, G. Prabhakara, said till November-end, the Southern Zone had achieved 41.43 per cent of annual target in selling policies and 51.06 per cent in premium income mobilisation and stood number two in the country in terms of performance.

To penetrate deeper into rural areas, the LIC has entered into an agreement with the Pandian Grama Bank to sell its products. N. Surbamanian, Chairman-cum-Managing Director, Pandian Grama Bank, said since Nov. 18, his bank had been serving as a channel of LIC, selling 1,800 policies in seven southern districts in Tamil Nadu.