Home / Companies / News /  IPO-bound LIC reports profit of 1,437 crore in six months
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IPO-bound Life Insurance Corporation of India (LIC) on Tuesday reported a profit after tax of 1,437 crore for the first half of the financial year 2021-22 as compared with 6.14 crore in the year-ago period.

Its new business premium growth rate stood at 554.1 per cent in H1FY22, compared with 394.76 per cent during the corresponding period of the preceding financial year, LIC said on Tuesday.

Its overall total net premiums increased 1,679 crore to 1.86 lakh crore during April-September 2021, from 1.84 lakh crore in the year-ago period.

The state-owned insurer reported a jump of 17,404 crore in overall premiums and income from investments grew to 3.35 lakh crore in the April-September 2021 period.

The overall income from investments grew 15,726 crore to 1.49 lakh crore in H1FY22, the insurer said.

Income from interest, dividends and rent (gross) grew to 10,178 crore in H1FY22. Income from profit on sale/redemption of investments increased to 10,965 crore.

LIC's share capital has been increased to 6,325 crore in H1 FY22 on the eve of its IPO.

In the reporting period, the life insurer reported an increase of 7,262 crore in the total premium to 1.13 lakh crore for individual life (non-linked).

The total premium in individual pension (non-linked) grew 4,432 crore to 5,636 crore; and that of the group (non-linked) grew 90 crore to 66,295 crore, it said.

The total premium in individual life (linked) increased 737.08 crore to 1,085 crore.

The insurer's net retention ratio stood at 99.88 per cent in H1FY22.

Investments of policyholders have grown 5.9 lakh crore to 37.72 lakh crore in the first half of FY22. Investments of shareholders grew 56.17 crore to 6,311 crore, it said.

The 13th month persistency ratio (premium basis) stood at 78.18 per cent and the solvency ratio stood at 183.37 per cent in April-September 2021. 

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