Mumbai, Nov 8 (SocialNews.XYZ) The Life Insurance Corporation (LIC), the country's largest insurer, on Friday reported a standalone net profit of Rs 7,621 crore for the July-September quarter (Q2) of the current financial year, which is 4 per cent lower than the corresponding figure of Rs 7,925 crore for the same quarter last year, according to a regulatory filing by the company.
Net premium income during the second quarter went up by 11 per cent to Rs 1.19 lakh crore, from Rs 1.07 lakh crore in the same period of the previous year.
Income from investments during the second quarter rose 16 per cent to Rs 1.08 lakh crore in the second quarter, compared with Rs 93,942 crore in the same period last year.
The first-year premium income during the second quarter increased 12 per cent year-on-year to Rs 11,201 crore from Rs 9,988 crore in the same quarter of the previous year.
Individual new business premium income for the six-month period ending September 2024 was Rs 29,538 crore, up from Rs 25,184 crore in the same period of the previous year, which represents a growth of 17 per cent over the previous year. Individual renewal premium income for the first half rose 5 per cent to Rs 1.15 lakh crore.
LIC sold a total of 91.70 lakh policies in the individual segment during the first half of the current financial year (April-September). On an Annualised Premium Equivalent (APE) basis, the total premium was Rs 28,025 crore in H1FY25. Of this, close to 65 per cent (Rs 18,163 crore) was accounted for by the individual business, and 35 per cent (Rs 9,862 crore) by the group business. The Value of New Business (VNB) for the six months rose 38 per cent to Rs 4,551 crore compared to the same period last year, with the net VNB margin rising by 160 bps to 16.2 per cent.
The solvency ratio increased to 1.98 as of September 2024, while the 13th-month and 61st-month persistency ratios stood at 77.62 per cent and 61.46 per cent, respectively. LIC’s assets under management (AUM) rose 17 per cent to Rs 55.39 lakh crore as of September 2024 as compared to the same period of the previous year. The overall expense ratio for the first half went up by 2.4 per cent to 12.74 per cent.
LIC also stated in its regulatory filing that "pursuant to the approval received by the Corporation, an amount of Rs. 5,477.10 crore towards additional pension liability pertaining to Par segment is being charged to the Shareholders account over a period not exceeding three years commencing from the FY 2024-2025. Accordingly, an amount of Rs. 456.42 crore has been charged to Shareholders' account during the quarter ended September 30, 2024. The balance amount of Rs. 4,564.26 crore shall be charged to Shareholders' account over the subsequent quarters upto 04 of the FY 2026-27".
On Friday, LIC shares closed 1.5 per cent lower at Rs 915.55 on the NSE ahead of the declaration of results.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
