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Life Insurance Corporation of India’s (LIC’s) net profit for the quarter ended June (Q1FY24) more than doubled year-on-year (Y-o-Y) to Rs 9,543.71 crore on the back of sizeable growth in income from investments.
The profit after tax for Q1FY24 of Rs 9,543.71 crore included Rs 7,491.53 crore pertaining to the accretion on the available solvency margin, transferred from non-par fund to shareholders’ account. The comparable profit figure was Rs 4,831.65 crore for Q1FY23, the state-owned life insurer said in a statement.
Its stock closed 0.29 per cent lower at Rs 642.1 per share on BSE.
Its total premium income for the quarter came in flat at Rs 98,363 crore against Rs 98,352 crore in the year-ago period. The total premium income for Q1FY24 consisted of individual new business premium income of Rs 10,462 crore (Rs 10,938 crore in Q1FY23) and individual renewal premium income of Rs 52,311 crore (Rs 49,069 crore in Q1FY23). It sold 3.21 million policies in the individual segment Q1FY24, down from 3.68 million in Q1FY23.
The total group business premium income stood at Rs 35,590 crore (Rs 38,345 crore in Q1FY23).
On an annualised premium equivalent (APE) basis, the total premium was Rs 9,532 crore for the quarter ended June 30. Of this, 62.42 per cent (Rs 5,950 crore) was accounted for by individual business and 37.58 per cent (Rs 3,582 crore) by the group business, LIC said.
The value of new business (VNB) stood at Rs 1,302 crore for the quarter against Rs 1,397 crore in the year-ago period. The VNB margins were 13.7 per cent for the quarter ended June 30 against 13.6 per cent for Q1FY23.
According to a filing with BSE, its income from investment rose by 29.8 per cent Y-o-Y to Rs 90,309.37 crore in Q1FY24 from Rs 69,570.81 crore in Q1FY23.
The assets under management (AUM) increased 12.41 per cent Y-o-Y to Rs 46.11 trillion as on June 30, compared to Rs 41.02 trillion a year ago.
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