LIC

The perfect insurer

LIC (International) wishes all the Bahraini Nationals a Heartfelt Congratulation on the occasion of Bahrain’s 50th National Day

LIC International Bahrain CEO and Managing Director Sunil Kumar Thakur along with senior staff

LI C I n te r n a t i o n a l i s a l e a d i n g L i fe Insurance Company in Bahrain since more than three decades, fulfilling the life insurance and saving needs of its customers including Non-Resident Indians (NRIs) and Bahraini Nationals. LIC International was established in Bahrain o n J u l y 2 3 , 1 9 8 9, i n p a r t n e r s h i p w i t h International Agencies Co (Intercol), with the objective of providing Life Insurance for the Indian Diaspora in GCC countries. H oweve r, t h e Co m p a ny g o t l i ce n s e to sell Life Insurance products to residents of any nationalities in few markets, from then it has become a household name for both NRIs and GCC nationals leveraging the well-known Indian brand, its parent company, state-owned LIC of India which is the strongest and the largest Life Insurer in India with the market share of more than 70 per cent. T h e C o m p a n y i s c o m m i t t e d t o ra i s e awa re n e s s o f t h e i m p o r t a n ce o f L i f e I n s u ra n ce, e s p e c i a l l y i n t h e s e vo l a t i l e times, individuals and families should have a security blanket since it’s not known what tomorrow has instore. LIC International has suitable products for everyone, be it low income, high income or anything inbetween, there are products that will cater to the need of the customers.

An individual should have an optimum mix of various asset classes. However, the role of insurance as an asset class in meeting your or your family’s financial goals is undeniable. Life insurance products can help to address an array of financial needs and goals as they can be customized for specific purposes. B e i t l i fe i n s u ra n ce p l a n , h e a l t h p l a n , retirement planning or plans for children and family welfare, LIC International has plan to suit all types of need. The plans combine flexibility and value, and the best thing is that they are well suited to the expat lifestyle. If one is relocated back to India, some of LIC International’s Policies can be transferred to India and premiums

can be paid in India and also all services and payments can be received in India. LIC (International) started its operations with USD 0.245 million of asset base, the company has grown to more than 1.9 Billion Dollar Company today and servicing 117,000 Policies in the GCC countries. With the market share of 50.53pc and 81.14pc in Gross Written Premium and Policies respectively as at 31st of December, 2020 (based on – CBB Insurance Market Review 2020), the Company has also increased its paid up capital from US$ 53,051,640 (BD 20,000,000) to US$ 173,583,109 million (BD 65,439,300) as on 26, May, 2021. LIC International has been the market leader in life insurance in Kingdom of Bahrain for past many years. T h e co m p a ny h a s ove r 2 0 p ro d u c t s which can cater to client’s needs, there a re e d u c at i o n p l a n s l i ke P ro fe ss i o n a l Education Plan (PEP) and Participating Marriage / Education (PME), plans for Saving, Health, Pension like: Participating Endowment (PEN), Jeevan Anand (JA), Deferred Annuity, Silver Anniversary Health Insurance (SAHI), and Pure Term Assurance (PTA). All products are unique and issued in USD, there is something to offer to all customers which would leave them satisfied, be it life cover at reasonable risk premium, providing returns, liquidity, health cover, pension and provisions that would protect children’s education and life expenses. LIC International would like to send its warm regards to His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj and the Industry, Commerce and Tourism Ministry for their continuous support and guidance through the company’s successful journey. On behalf of LIC International, we extend our heartiest congratulation to the Kingdom of Bahrain for completing its 50th Golden Jubilee. Be it life insurance plan, health plan, retirement planning or plans for children and family welfare, LIC International has plan to suit all types of need

Fuelling the private sector growth engine

Tamkeen has emerged as a key player in shaping the Kingdom’s economic future

Husain Mohamed Rajab is the Chief E xe c u t i ve o f Ta m k e e n , h a v i n g b e e n a p p o i n te d to t h i s ro l e by Royal Decree in March 2021. In his role, he is responsible for managing all facets of the organization, including setting and implementing its strategic objectives, in line with its developmental mandate. Mr Rajab has a proven executive management track record and extensive experience in strategic planning and execution spanning more than 18 years. He brings with him a wealth of knowledge and experience having worked at some of the leading institutions in Bahrain. Prior to his appointment at Tamkeen, he served as the Chief Business Development Officer at Bahrain Development Bank from (October 2020) to (March 2021), where he oversaw the development of the bank’s 3-year strategy (2021-2023) and led its transformation programme. In recognition of his outstanding contributions to Bahrain’s economy over the course of his career, Mr Rajab was honored and awarded by His Majesty King Hamad bin Isa Al Khalifa with the “First Class Proficiency Medal” in 2018. In an exclusive interview, Mr Rajab says that Tamkeen is in the process of relaunching its revamped programs and initiatives that are designed to reflect the evolving realities of local and world economy.

? How has Tamkeen progressed over the years? Since its establishment in 2006, Tamkeen has served the development of more than 230,000 individuals and 53,000 enterprises with total funding reaching more than one billion Bahraini Dinars.

Tamkeen’s goals of making the private sector the engine of economic growth and Bahrainis the preferred choice for employment is being fulfilled through a journey based on consecutive strategy cycles with an evolving focus that serve the changing needs and topical reality of the market. Tamkeen’s role has become more vital, and the shift of focus proposed in its new strategy came at the right time. Tamkeen’s role has grown from building awareness, through to expanding its outreach and growth of local businesses by supporting and providing programs that enhance the private sector’s ability to increase its economic activity. A s t h e wo r l d i s re c ove r i n g f ro m t h e repercussions of the coronavirus pandemic, Tamkeen’s role has become more essential f o r a w h o l e h o s t o f r e a s o n s : r a p i d technological change, need for focus on the potential of new investments offered by emerging sectors, changing behavior of the market and business models.

? What is Tamkeen working on at the moment? What is your vision for the future? In connection with its efforts to build on the achievements made to promote s u s t a i n a b l e e c o n o m i c g r ow t h i n t h e private sector and the national economy, Tamkeen is in the process of relaunching its revamped programs and initiatives that are designed to reflect the evolving realities of local and world economy. As highlighted by Tamkeen’s New Strategy 2021 -2026, creating a shift in focus and in the perception of Tamkeen’s support is very much needed to incentivize driven change in the private sector. Change itself i s n o l o n g e r o p t i o n s a s t h e e co n o m i c growth dynamics and business models are being transformed. Impact comes from productivity, prioritizing both sectors that

53,000

53,000 enterprises have received funding support from Tamkeen since its inception