LIC to expand overseas

Life Insurance Corporation of India (LIC) said it is planning to enter Australia, New Zealand and South East Asia with an eye on the people of Indian origin as it aims to double its business from overseas Indians.

"We plan to enter into new overseas territories in the new fiscal. We are looking at countries like Australia, New Zealand and Thailand," LIC Managing Director D K Mehrotra said.

"Overseas operations contribute to three per cent of our total premium income now and we aim to make it to five per cent in the next three years," Mehrotra said.

Mehrotra, however, said that the decision to foray into these markets was still at the drawing-board level.

"Various options are being thought upon. This could be through setting up of own subsidiaries or forming joint ventures or just opening up of the representative offices by the company," Mehrotra said.

LIC has strong presence in the Middle East particularly in Bahrain, Dubai, Abu Dhabi, Dubai, Kuwait, Saudi Arabia and Oman. It has also presence in Nepal, Mauritius, UK, Sri Lanka and Kenya.

LIC had forged a tie-up with Qatar's Doha Bank last year.