Home / Companies / Company Results /  LIC embedded value at 5443 billion as of end Sep

LIC embedded value at 5443 billion as of end Sep

LIC, which listed in May, has seen its stock tumble over 28% from the listing price of 872 rupees.. (File Photo: Bloomberg)Premium
LIC, which listed in May, has seen its stock tumble over 28% from the listing price of 872 rupees.. (File Photo: Bloomberg)

  • India largest life insurer on Friday reported a jump in its September quarter net profit to 15,952 crore from 1,434 crore a year-ago. LIC's total premium income rose to 1,32,631.72 crore in the second quarter of the current fiscal from 1,04,913.92 crore in the same period a year ago

MUMBAI: LIC's determined India embedded value--the sum of net asset value and present value of future profits of a life insurance company--was at 5,442.91 billion as on 30 September, up marginally from 5,396.86 billion a year ago.

Gross value of new business (VNB) for the six month period ended September was at 48.36 billion. Gross VNB margins for individual and group business were 20.3% and 17.6%, respectively.

Gross VNB for individual business was at 29.74 billion and that for for group business was at 18.62 billion for thee half year ended September.

Within the individual business, par business, non par business, including linked business, had gross VNB margins of 14.5% and 79.5%respectively.

VNB margin for April-September was at 14.6% (net) compared with 9.3 % a year ago.

India largest life insurer on Friday reported a jump in its September quarter net profit to 15,952 crore from 1,434 crore a year-ago, largely driven by a surge in premium income and massive gains from changes in its accounting policy along with investment income.

LIC's total premium income rose to 1,32,631.72 crore in the second quarter of the current fiscal from 1,04,913.92 crore in the same period a year ago.

“The results signify our gradual and consistent move towards diversifying our product mix aimed at increasing the non par business share," said M.R. Kumar, chairperson, LIC. “ In the Individual business, on an APE basis, the share of non par business has increased to 8.99% for the half year ended September 30th, 2022, as against 7.12% for full year ended March 31st, 2022."

“The same philosophy of diversification is visible in our distribution channel mix where the share of new business premium being sourced from banca and alternate channels has also increased. We are committed to doing our best for all stakeholders going forward," he added.

LIC, which listed in May, has seen its stock tumble over 28% from the listing price of 872 rupees.

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