LIC all set to expand overseas operations
By Our Banking Bureau | 21 May 2002
1
Mumbai:
The Life
Insurance Corporation of India (LIC) is planning to expand its
international operations to Oman, Sri Lanka and the US.
The
insurer, which has operations in the UK, Mauritius, Bahrain and a
joint venture in Nepal, will start operations in Oman in a couple
of months. Its re-entry into Sri Lanka could be in the form of a
joint venture with the Sri Lankan Insurance Company, says LIC
managing director N C Sharma.
LIC also intends to extend its operations to the US. We will start operations in three states, where there is a large population of Indian origin: New York, New Jersey and California, says Sharma.
Later, Sharma says, the operations will be extended to Illinois, including Chicago and Texas. Although the number of policies sold abroad is not substantial, LIC will ramp up operations, especially in the Gulf countries, where it will have wider reach and coverage.
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