INSUBCONTINENT EXCLUSIVE:
account.
Net profit in Q2 stood at Rs 15,952.49 crore, up 11 times from Rs 1,433.71 crore in the year-ago period
Regulatory and Development Authority of India) letter and subsequent approval by the board of directors, the corporation has changed its
It has transferred Rs 14,271.80 crore (net of tax) from non-par to shareholder's account
amount comprises Rs 5,580.71 crore for the quarter ended September, Rs 4, 148.77 crore for quarter ended June, and Rs 4,542.30 crore for
Non-participatory life insurance contracts are where no policy dividends are paid and the entire profit from non-par policies belongs to the
shareholders.LIC has made provisions of Rs 11,543.75 crore during the July- September quarter towards employee retirement benefits
This is due to wage revision, which has become due from August 1.
The insurance behemoth reported a net premium income of Rs 1.32 trillion
in Q2 of FY23, up 27 per cent year-on-year (YoY) from Rs 1.04 trillion in Q2 of FY22
Its first-year premium income rose 11 per cent YoY to Rs 9,125 crore while renewal premium was up 2 per cent to Rs 56,156 crore
Single premium income increased by 62 per cent YoY to Rs 66,901 crore.
Income from investments increased 9.89 per cent YoY to Rs 84,103.64
In the year-ago period, investment income was Rs 76,533.75 crore.
Business momentum for the corporation has been strong in FY23
As a result, it has gained market share on a first-year premium basis
excluding unrealised gains, was 8.73 per cent for the quarter ended September 30, 2022
declined 24 basis points over the preceding quarter and stood at 5.6 per cent at the end of the September quarter
were 70.52 per cent and 55.83 per cent, respectively.
In the preceding quarter, the 13th month and 61st month persistency ratios stood at
75.75 per cent and 58.99 per cent, respectively.
