Excelsior Correspondent
JAMMU, Feb 8: The Life Insurance Corporation of India (LIC) announced the consolidated financial results for the nine months ending December 31st, 2023.
The Profit After Tax (PAT) for the nine months period ended December 31st, 2023 was Rs. 26,913 crore. The current period profit includes an amount of Rs.21,461 crore (Net of Tax), pertaining to the accretions on the available solvency margin, transferred from Non Par fund to shareholders account.
The PAT for similar nine months period ended December 31st, 2022 was Rs. 22,970 crore is not comparable since it included an amount of Rs.4,542 crore (Net of Tax) pertaining to the accretions on the Available Solvency Margin for the last quarter of FY 2021-22 which was transferred from Non Par fund to shareholders account on September 30th 2022.
Speaking on the occasion, Siddhartha Mohanty, Chairperson, LIC said, “Our consistent and focused approach towards diversifying and changing our product mix is now yielding results at a faster pace. The same is evident in the rise in the share of Non Par business on APE basis to 14.04% of our total individual business for the first nine months of FY 2024. The fact that this is also accompanied by 200 bps increase in the VNB margin levels to 16.6% is an indicator that our strategic interventions are delivering in the manner that we envisaged.”
“We want to make sure that every action of ours is value accretive to all stakeholders. We are committed to developing new products designed to meet the evolving needs of our customers. With our digital transformation project underway, we are confident of making significant improvements in our business processes,” he added.
For nine months ended December 31st 2023, LIC had a market share of 38.74% in Individual business and 72.24% in the group business. The Total Premium Income for nine months period ended December 31st 2023 was Rs. 3,22,776 crore as compared to Rs. 3,42,244 crore for the nine month period ended December 31st 2022 during the previous year.
A total of 1,25,56,046 policies were sold in the individual segment during the nine months period ended December 31st, 2023 as compared to 1,28,90,843 policies sold during the nine months ended December 31st, 2022.
On an Annualized Premium Equivalent (APE) basis, the total premium was Rs 35,790 crore for the nine months period ended December 31st 2023. Of this 65.67% (Rs. 23,503 crore) was accounted for by the Individual Business and 34.33% (Rs.12,287 crore) by the Group Business.
The Value of New Business (VNB) for the nine months period ended December 31st, 2023 was Rs. 5,938 crore as compared to Rs. 5,478 crore for the nine months ended December 31st, 2022, registering a growth of 8.40%. The net VNB margin for the nine months period ended December 31st, 2023 was 16.6 % as compared to 14.6% for the nine months ended December 31st, 2022.
The Assets Under Management (AUM) increased to Rs. 49,66,371 crore as on December 31st 2023 as compared to Rs. 44,34,940 crore on December 31st, 2022 registering an increase of 11.98% year on year.
Follow our WhatsApp channel
