agencies
MUMBAI, Aug 13: The Board of Directors of Life Insurance Corporation of India (LIC) has approved and embraced the standalone and consolidated financial results for the quarter ending June 30th, 2023. The following are key highlights of the standalone results:
Profit After Tax (PAT): The Profit After Tax for the quarter ending June 30th, 2023, stood at Rs. 9,543.71 crore. This includes Rs. 7,491.53 crore (Net of Tax) accrued from the Available Solvency Margin, transferred from Non-Par fund to shareholders' account. In comparison, for the quarter ending June 30th, 2022, the PAT was Rs. 682.88 crore, excluding an amount of Rs. 4,148.77 crore (Net of Tax) related to the Available Solvency Margin transferred from Non-Par fund to shareholders' account on September 30th, 2022. The comparable profit figure for the same quarter in 2022 was Rs. 4,831.65 crore (Net of Tax).
Total Premium Income: The Total Premium Income for the quarter ending June 30th, 2023, was Rs. 98,363 crore, a slight increase from Rs. 98,352 crore in the same quarter of 2022. Within this, Individual New Business premium income accounted for Rs. 10,462 crore, Individual Renewal premium income for Rs. 52,311 crore, and total Group Business premium income for Rs. 35,590 crore.
Market Share: LIC maintained its leadership in the Indian life insurance business with a market share of 61.42% for the quarter ending June 30th, 2023, in terms of First Year Premium Income (FYPI), according to IRDAI data. This is compared to a market share of 65.42% for the same quarter in 2022.
APE Basis Premium: The total premium on an Annualised Premium Equivalent (APE) basis was Rs. 9,532 crore for the quarter ending June 30th, 2023. This comprised 62.42% (Rs. 5,950 crore) from the Individual business and 37.58% (Rs. 3,582 crore) from the Group business. Notably, the non-par APE increased from Rs. 500 crore in Q1 2022 to Rs. 608 crore in Q1 2023, representing a growth of 21.6%.
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