The country’s largest life insurer Life Insurance Corporation of India (LIC) on May 27 reported a net profit of Rs 13,782 crore for the quarter ended March 31, 2024, up by 4.5 percent, compared to Rs 13,191 crore reported in the corresponding period of the last financial year.
The insurer announced an interim dividend of Rs 6 per share.
The country’s largest insurer’s asset quality improved in the final quarter of FY24. Its gross non-performing asset (GNPA) stood at 2.01 percent against 2.56 percent in the year-ago period.
The value of the new business (VNB) of the insurer increased by 4.66 percent to Rs 9,583 crore and the VNB margin increased by 60 bps to 16.8 percent.
The non-par Annualised Premium Equivalent (APE) share within individual businesses grew by 9.43 percent to 18.32 percent. The non-par APE has increased from Rs 3,436 crore for the year ended March 31, 2023, to Rs 7,041 crore for the year ended March 31, 2024, registering a growth of 105 percent. Therefore, on an APE basis, the insurer’s non-par share of the individual business, which was 8.89 percent for FY23 has grown to 18 percent for the year ended March 31.
The Total Premium Income for the year ended March 31, 2024, was reported at Rs 4,75,070 crore as against Rs 4,74,005 crore for the year ended March 31 2023. The Total Individual Business Premium for the year ended March 31, 2024, increased to Rs 3,03,768 crore from Rs 2,92,763 crore for the comparable period of the previous year.
The group business total premium income for the year ended March 31, 2024, was Rs 1,71,302 crore as against Rs 1,81,242 crore for the year ended March 31 2023.
The assets under management (AUM) increased to Rs 51,21,887 crore as of March 2024 compared to Rs 43,97,205 crore reported on March 31, 2023, registering an increase of 16.48% year-on-year.
A total of 2,03,92,973 policies were sold in the individual segment during the year ended March 31, 2024, compared to 2,04,28,937 sold during the year ended March 31, 2023.
