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| LIC achieves record half-yearly profits, strong business performance | | | agencies
NEW DELHI, Nov 11: In a press release on November 10th, 2023, the Life Insurance Corporation of India (LIC) reported its performance update for the half-year ended September 30th, 2023, showcasing remarkable financial achievements and operational milestones. Here are the key highlights: Highest-Ever Half-Yearly Profit After Tax: LIC achieved a record Half-Yearly Profit After Tax (PAT) of Rs. 17,469 crore, marking a significant increase from the previous year.
Strong Growth in Non-Par APE: The Annualised Premium Equivalent (APE) for Non-Par products surged by 19.77% to reach Rs. 1,575 crore, reflecting a robust performance in this segment. Impressive Indian Embedded Value: The Indian Embedded Value witnessed a substantial growth of 21.74%, reaching Rs. 6.62 lakh crore, showcasing the company's strong financial position.
VNB Margin (Net): The Value of New Business (VNB) Margin (Net) stood at an impressive 14.6%, indicating a healthy profitability in the new business segment.
AUM Growth: LIC's Assets Under Management (AUM) increased by 10.47%, reaching Rs. 47.43 lakh crore, demonstrating a steady and substantial growth in its investment portfolio. Improved Persistency Ratios: The persistency ratios for both premium and policy basis showed improvement, with the 13th-month persistency ratio at 78.49% and 62.53%, respectively.
Solvency Ratio Enhancement: The Solvency Ratio increased to 1.90 from 1.88, underlining LIC's commitment to maintaining a strong financial foundation.
Market Leadership: LIC continued to dominate the Indian life insurance market with an overall market share of 58.50%, further solidifying its position as a market leader.
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