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The income from investments of LIC, the largest investor in the stock markets, rose 29.80 percent to Rs 90,309 crore in the quarter under review, compared with Rs 69,571 crore in the same quarter of last fiscal.
Life Insurance Corporation of India (LIC), India’s largest insurance company, has reported a standalone net profit at Rs 9,543.71 crore for the quarter ended June as against a profit of Rs 682.88 crore in the corresponding quarter of last year, a rise of 1,297 per cent.
However, the net premium income of LIC was almost flat at Rs 98,362.75 crore as compared to Rs 98,351.76 crore in the same period of last year. However, sequentially, the net profit declined 29 percent from Rs 13,428 crore reported in the March quarter. The net premium income dipped 25 percent quarter-on-quarter.
The income from investments of LIC, the largest investor in the stock markets, rose 29.80 percent to Rs 90,309 crore in the quarter under review, compared with Rs 69,571 crore in the same quarter of last fiscal.
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Siddhartha Mohanty, Chairperson, LIC, said, “During the first quarter of this financial year, we have achieved increase in our Non-Par product mix as a percentage of the overall individual business. Further, our efforts to improve persistency across cohorts are beginning to show results. Our overall expense ratio has become better and our margins are stable on year-on-year basis.”
The persistency ratios on number of policies basis up to the quarter ended June 2023 for the 13th month and 61st month were 66.15 per cent and 50.79 per cent respectively. The comparable persistency ratios up to the corresponding quarter ended June 30 2022 were 65.96 per cent, and 51.23 per cent respectively.
The assets under management (AUM) increased by Rs 5.09 lakh crore to Rs 46.11 lakh crore as of June 2023 as compared to Rs 41.02 lakh crore on June 30, 2022 registering an increase of 12.41 per cent.
“Simultaneously we continue to work on strategies for diversifying the channel mix. We believe that we are on track to grow our business in a manner which creates superior value for all our stakeholders,” Mohanty said.
LIC’s first year premium during the reporting quarter stood at Rs 6,848.75 crore, down 8 percent from Rs 7,475.81 crore in the year-ago quarter.
The company’s solvency ratio stood at 1.89 at the end of June quarter, up from 1.87 in the March quarter and 1.88 in the June quarter of last year.
Shares of LIC closed 0.29 per cent lower at Rs 642.10 on the BSE on Thursday. LIC shares are still 32 per cent down from the IPO price of Rs 949 per share. It reported a market capitalisation of Rs 4.06 lakh crore on Thursday.
First published on: 10-08-2023 at 21:05 IST
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