Life Insurance Corporation of India LIC reported a 232 times year-on-year YoY growth in standalone net profit at Rs 682.88 crore for the quarter ended June 30. In the corresponding quarter last year, it had posted a standalone profit of Rs 2.94 crore. The net premium income of LIC went up by 20.35 per cent YoY to Rs 98,351. There are 76 crore.
The insurance behemoth's income was at Rs 160.09 crore in Q 1 FY 23 over Rs 145.47 crore in Q 1 FY 22. During the quarter, the transfer of funds from shareholders accounts stood at a value of 799.24 crore.
The market share by first year premium income for the quarter ended June 30, 2021 was 67.52 per cent, LIC said in a release.
The country's biggest institutional investor has announced its results post market hour. Shares of LIC settled at Rs 682.15. It was 0.03 per cent down earlier in the day. The benchmark BSE Sensex closed 130 points up at 59,462 on the other hand.
A total of 36.81 lakh policies were sold in the individual segment during the quarter ended June 30, a rise of 59.56 per cent over the same quarter last year, when 23.07 lakh policies were sold.
LIC said that as the Covid situation normalises, we are seeing a larger activity on the ground, so we are closer to our model of having feet on the street and continuous in person engagement with our customers. The growth numbers are very robust for the first quarter, as seen in comparison to the same quarter of FY 2021- 22 we are aware that the Q 1 of the previous year, FY 2021- 22 was impacted by a very tough second wave of Covid. The trend is upwards and we are looking at increased business volumes, as evidenced by our market share since January 2022. The solvency ratio stood at 188.54 per cent in Q 1 FY 23 as opposed to 173.34 per cent in Q 1 FY 22.
The value of new business VNB Gross stood at Rs 1,861 crore for the quarter ended June 30. The asset under management went to 41.02 lakh crore as of June 30, 2022, compared to 38.13 lakh crore in the same quarter last year, an increase of 7.57 per cent.