24 Gulf Daily News Sunday, 17th June 2012
In association with www.tradearabia.com
Insurance company shows
strong performance in 2011
n At the meeting are, Mr Thamodharan, seated, third from left, Mr Mathew, seated, centre, Mr Mehrotra, seated, fourth from right, and Mr Ali Alwazzan, seated, third from right, with other officials
MANAMA: LIC (International) showed strong
performances in the insurance sector last year, it
was revealed at a key meeting.
The annual general meeting of the shareholders of LIC (International) and 76th board meeting was held at the Mövenpick Hotel.
Directors who attended the meeting include
LIC of India chairman D K Mehrotra, managing director Thomas Mathew, Intercol director Abdulrahman Ali Alwazzan, and LIC
(International) chief executive and managing
director R Thamodharan.
The financial results of the company for 2011
were approved.
The company has declared bonus ranging
from $30 to $32 per $1,000 sum assured for
endowment policies.
The bonus rates have been increased for the
10th year in succession.
The financials of the company show strong
position it has acquired in the
insurance sector.
In 2011, 10,394 new policies
with sum assured of $111.74
million were issued.
The total premium collected
by the company for the year
was $117.50m.
An amount of $19.82m was
paid to policyholders by way
of claims.
BUENOS AIRES: Argentine banks lost more than five per
Its income from investments
cent of their dollar deposits in the week to June 8 as stringent last year was $36.03m.
government controls on buying foreign currency unnerved
The total investments of
depositors and prompted them to withdraw savings, central the company in 2011 was
bank data showed yesterday.
$652.91m as against $615.26m
President Cristina Fernandez imposed restrictions on dollar in the previous year, showing a
purchases late last year after surging demand for greenbacks growth of 6.11 per cent.
forced the central bank to spend several billion dollars in forThe company has introduced
eign reserves to prop up the peso.
two new products during the
Savers and companies started drawing money out of dollar- year which were successful in
denominated bank accounts earlier this month when the AFIP collecting $29.33m premium.
tax agency charged with controlling foreign-currency purMarketing executives K K
chases virtually banned retail sales at the official rate.
Praveen, Vijay Naik, Jacob
Some analysts say fears of further controls – such as restric- Koshy, P L Johnson, Rajesh
tions on dollar deposits – are fuelling the slow but steady Vig, K S Hegde and Rajendran
withdrawal of deposits in the US currency, long seen as a safe were honoured at the board
haven in crisis-scarred Argentina.
meeting.
Dollar deposits
blow for banks
Firm faces cash crunch
RIO DE JANEIRO: Petrobras, Brazil’s state-led
oil company, and its latest business plan have a
serious problem.
The company is likely to struggle to find the
cash to pay for the hundreds of ships and dozens
of oil fields, drill-rigs and platforms it wants
in order to catapult Brazil into the ranks of the
world’s top-four oil producers by 2020.
On Thursday, Petrobras made the world’s
largest corporate investment programme even
bigger, committing the company to $236.5 billion of spending by the end of 2016. That’s
nearly $130 million a day for five years, and
$11bn more than its 2011-2015 plan.
Without raising fuel prices, something
Petrobras’ controlling shareholder, the Brazilian
government, hasn’t allowed it to do since 2008,
the plan is a fiction, said Lucas Brendler, oil
industry analyst with Geração Futura.
Worse still, the plan’s cuts in output targets,
the first in the company’s history, are likely to
be bigger in coming years.
Transportation prices, which are closely linked to
vehicle fuels, weigh heavily on Brazil’s consumer
price index. President Dilma Rousseff is dead set
against anything that might spark inflation or slow
growth, especially in the face of the European debt
crisis and potential global slowdown.