Life Insurance Corporation of India reported a 2.5 percent year-on-year rise in net profit at Rs 13,762 crore for the March quarter of the financial year 2023-24, from Rs 13,421 crore in the year-ago period.
The country’s largest insurer’s asset quality improved in the final quarter of FY24, the company said on May 27. The insurer announced an interim dividend of Rs 6 per share.
Its gross non-performing asset (GNPA) stood at 2.01 percent against 2.56 percent in the year-ago period.
The value of new business (VNB) of the insurer increased by 4.66 percent to Rs 9,583 crore and VNB margin increased by 60 bps to 16.8 percent.
The non-par Annualized Premium Equivalent (APE) share within Individual business 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 31st, 2023 to Rs 7,041 crore for the year ended March 31st 2024 registering a growth of 105 percent. Therefore, on an APE basis, the insurer's non par share of individual business, which was 8.89 percent for FY23 has grown to 18 percent for the year ended March 31.
The insurer sold a total of 2.03 crore policies in the individual segments compared to 2.04 crore policies sold in FY23.
The assets under management (AUM) increased to Rs 51.21 lakh crore as on March 2024 as compared to Rs 43.97 lakh crore on March 31st, 2023 registering an increase of 16.48 percent year on year.
The solvency ratio of the insurer was at 1.98 percent against 1.87 percent last year.
The LIC stock closed for trading at Rs 1,035.80, up by 0.58 percent from the previous day’s close.
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