LIC’s net profit for the April-September period was Rs 1,437 crore

0
521

During April-September 2021, its total gross premium increased by Rs 1,679 crore to Rs 1.86 lakh crore from Rs 1.84 lakh crore in the year-ago period.

Total income from deposits increased by Rs 15,726 crore to Rs 1.49 lakh crore in H1FY22, the insurer said.

The IPO-Bound Life Insurance Corporation of India (LIC) on Tuesday reported a profit after tax of Rs 1,437 crore for the first half of the 2021-22 financial year, compared to Rs 6.14 crore in the year-ago period.

Life Insurance Corporation of India is an Indian Statutory Insurance and Investment Corporation based in Mumbai, India. It is owned by the Ministry of Finance, Government of India.

Its new business premium growth rate on the H1FY22 was 554.1 percent, compared to 394.76 percent in the same period last fiscal, LIC said on Tuesday.

During April-September 2021, its total gross premium increased by Rs 1,679 crore to Rs 1.86 lakh crore from Rs 1.84 lakh crore in the year-ago period.

Government-owned insurance reported a jump in total premiums of Rs 17,404 crore and a return on investment of Rs 3.35 lakh crore during April-September 2021.

Total income from deposits increased by Rs 15,726 crore to Rs 1.49 lakh crore in H1FY22, the insurer said.

Revenue from interest, dividends, and rent (total) on H1FY22 grew to `10,178 crores. Profit from sales/redemption of investments increased to `10,965 crores.

LIC raised its equity capital to Rs 6,325 crore on H1 FY22 on the eve of its IPO.

During the reporting period, the total premium for life insurance increased by Rs 7,262 crore to Rs 1.13 lakh crore for personal life (non-linked).

Total premium for personal pension (non-linked) increased by Rs 4,432 crore to Rs 5,636 crore; Group (Non-Linked) increased by Rs 90 crore to Rs 66,295 crore.

Total personal life (LinkedIn) premium increased by Rs 737.08 crore to Rs 1,085 crore.

The total retention ratio of insurers in H1FY22 was 99.88%.

During the first half of FY2222, policyholders’ deposits increased by Rs 5.9 lakh crore to Rs 37.72 lakh crore. Shareholders’ deposits increased by Rs 56.17 crore to Rs 6,311 crore.

The persistence ratio (premium basis) for the 13th month was 78.18 percent and the solvency ratio for the month of April-September 2021 was 183.37 percent.

Follow and connect with us on FacebookLinkedIn & Twitter