agencies
MUMBAI, Feb 10: The Board of Directors of Life Insurance Corporation of India ("LIC") approved and adopted the standalone and reviewed consolidated financial results for the nine months ending December 31st, 2022. Below are the key highlights of our standalone results. For the nine months ending December 31st, 2022, LIC registered an increase of 20.65% in the Total Premium Income at Rs 3,42,244 crore as compared to Rs. 2,83,673 crore for the nine months ending December 31st, 2021 during the previous year. The Profit after Tax (PAT) for the nine months ending December 31st, 2022 was Rs 22,970 crore as compared to Rs.1,672 crore for the nine months ending December 31st, 2021.The current period profit has increased due to transfer of an amount of Rs.19,941.60 crore (net of tax), pertaining to the accretions on the available solvency margin, from non par to shareholders account. The amount of Rs.19,941.60 crore comprises of Rs 5,669.79 crore for the quarter ended December 31st, 2022 besides Rs.5,580.72 crore, Rs. 4,148.78 crore and Rs. 4,542.31 crore for the preceding three quarters respectively. The business momentum continues to be strong for LIC and as a result the overall market share by First Year Premium Income (as per IRDAI) was 65.38% for the nine month ended December 31st 2022 as compared to 61.40% for the corresponding period last year. On an Annualised Premium Equivalent (APE) basis the total premium was Rs 37,545 crore for the nine months ending December 31st, 2022. Of this Rs 23,419 crore (62.38%) was accounted for by the Individual Business and Rs 14,126 crore (37.62%) by the Group Business. Within the Individual Business, the share of Par products on APE basis was 90.55% percent and balance 9.45% percent was due to Non Par products. During nine months ended December 31st, 2022, a total of 1.29 crore policies were sold in the individual segment, thereby registering an increase of 1.92% over the nine months ending December 31st, 2021 when 1.26 crore policies were sold. For the nine months ending December 31st, 2022, there was an improvement in persistency ratio on premium basis for both 13th month and 61st month at 77.61% and 62.73% respectively. For the period ended December 31st 2021 the comparable persistency by premium for 13th and 61st month was 76.84% and 61.91% respectively. For the nine months ending December 31st, 2022 the persistency ratio on number of policies basis for the 13th month and 61st month were 64.99% and 51.42% respectively. The comparable persistency ratios for the corresponding nine months ending December 31st,2021 were 65.47% and 50.85% respectively.
The Assets Under Management (AUM) increased to Rs 44,34,940 crore as on December 31st , 2022 as compared to Rs 40,12,172 crore on December 30th, 2021 registering an increase of 10.54% year on year.
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