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LIC Q1FY23: Net profit shoots to Rs 603 cr; premium income grows to Rs 98,805 LICQ1FY23

LIC Q1FY23: Net profit shoots to Rs 603 cr; premium income grows to Rs 98,805

India Blooms News Service | @indiablooms | 12 Aug 2022, 10:57 pm

Government-owned Life Insurance Corporation (LIC), which recently went public, Friday said its net profit rose to a staggering Rs 603 crore in the quarter ended June 30 from Rs 24.3 crore in the same quarter last fiscal.

The insurance behemoth performed well in every parametre during the first quarter of the financial year 2023.

It recorded a substantial growth in net premium income at Rs 98,805.25 crore from Rs 82375.61 crore in the first quarter of FY22.

Its assent under management (AUM)  stood at 41.02 lakh crore as of June 30th, growing 7.57 percent compared to the year-ago period when it was Rs 38.13 lakh crore.

LIC Chairperson MR Kumar said that despite the robust growth numbers of the quarter under review compared to the same quarter last fiscal, the company is aware that figures had been impacted by a tough second wave of Covid-19.

Despite the lower baseline, there is an upward trajectory and LIC is expecting increased business volumes as is evident in our market share in the year to date since January 2022.

In the June quarter, LIC sold policies worth Rs 36,81,764 crore, 60 percent more on a YoY basis and its Total New Business Premium Income was up 36 percent to Rs 10,938 crore.

LIC said its Value of New Business (VNB) for the quarter ended June was Rs 1,861 crore, whereas VNB margins were at 13.6 percent.

During the first quarter of the current financial year, LIC's solvency ratio for the quarter was 188.54 percent against 173.34 percent in the year-ago period.

"The marketing activity picked up the pace, overall business momentum was strong for LIC, and as a result, the overall market share by First Year Premium Income (as per IRDAI) increased to 65.42 percent for the quarter ended June 30, 2022, as compared to a full-year market share of 63.25 percent for FY 2021-22. The market share by First Year Premium Income for the quarter ended June 30, 2021, was 67.52 percent," LIC said in a BSE filing.

On an Annualised Premium Equivalent (APE) basis, the total premium was Rs 10,270 crore for the quarter ended June 30, 2022, it said.