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LIC reports strong half-year financial performance for H1 FY2025
11/11/2024 9:18:01 PM
Agencies
MUMBAI, Nov 11: Life Insurance Corporation of India (LIC) achieved impressive growth in the first half of FY2025. LIC's market share rose to 61.07% from 58.5% last year, with a total premium income increase of 13.56% to Rs 2,33,671 crore. Individual new business premium income climbed by 17.29% to Rs29,538 crore, while annualized premium equivalent (APE) for the individual business rose by 24.08% to Rs18,163 crore.
The insurer's Value of New Business (VNB) saw substantial growth, up 37.74% to Rs4,551 crore, with a margin increase of 160 basis points, reaching 16.2%. Assets Under Management (AUM) also surged, growing by 16.78% to Rs 55.4 lakh crore, reflecting LIC's enhanced financial stability.
Profit after tax for H1 FY2025 reached Rs 18,082 crore, a 3.51% increase from the previous year. LIC's solvency ratio improved to 1.98, up from 1.90. Additionally, LIC maintained strong policy sales, with 91.7 lakh policies sold, up by 13.77% compared to H1 FY2024.
This period marked significant gains in LIC's non-participating APE share within the individual business, which climbed to 26.31% from 10.76%. The Indian Embedded Value (IEV) rose by 24.01%, reaching Rs 8.22 lakh crore, underscoring LIC's robust position in the insurance sector.
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