Mumbai: The Board of Directors of Life Insurance Corporation (LIC) of India approved and adopted the standalone and consolidated financial results for the nine months ending December 31st, 2023.
The Profit after Tax (PAT) for the nine months period ended December 31, 2023 was Rs 26,913 crore. The current period profit includes an amount of Rs 21,461 crore (Net of Tax), pertaining to the accretions on the available solvency margin, transferred from Non Par fund to shareholders account.
The PAT for similar nine months period ended December 31, 2022 was Rs 22,970 crore is not comparable since it included an amount of Rs 4,542 crore (Net of Tax) pertaining to the accretions on the Available Solvency Margin for the last quarter of FY 2021-22 which was transferred from Non Par fund to shareholders account on September 30, 2022.
In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader by market share in Indian life insurance business with overall market share of 58.90 per cent.
For nine months ended December 31, 2023, LIC had a market share of 38.74 per cent in Individual business and 72.24 per cent in the group business.
The Total Premium Income for nine months period ended December 31, 2023 was Rs 3,22,776 crore as compared to Rs 3,42,244 crore for the nine month period ended December 31, 2022 during the previous year.
The Total Individual Business Premium for the nine months period ended December 31, 2023 increased to Rs 2,09,719 crore from Rs. 2,00,429 crore for the comparable two period of previous year.
The Group Business total premium income for nine months ended December 31, 2023 was Rs 1,13,057 crores as compared to Rs 1,41,815 crore for nine months ended December 31, 2022.
A total of 1,25,56,046 policies were sold in the individual segment during the nine months period ended December 31st, 2023 as compared to 1,28,90,843 policies sold during the nine months ended December 31, 2022.
On an Annualized Premium Equivalent (APE) basis, the total premium was Rs 35,790 crore for the nine months period ended December 31, 2023. Of this 65.67 per cent (Rs 23,503 crore) was accounted for by the Individual Business and 34.33 per cent (Rs 12,287 crore) by the Group Business.