LIC reports June quarter Profit after Tax of Rs 9,543.71 crore

Mumbai: The Board of Directors of Life Insurance Corporation (LIC) of India approved and adopted the standalone and consolidated financial results for the quarter ending June 30, 2023.

For the quarter ended June 30, 2023, LIC registered Total Premium Income of Rs 98,363 crore as compared to Rs 98,352 crore for the quarter ended June 30, 2022.

In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI) LIC has maintained its leadership in Indian life insurance business with a market share of 61.42 per cent for the quarter ended June 30, 2023. On a comparable basis for the quarter ended June 30, 2022 the market share was 65.42 per cent.

The Total Premium Income of Rs. 98,363 crore for the quarter ended June 30, 2023 comprises of Individual New Business premium income of Rs 10,462 crore, Individual Renewal premium income of Rs 52,311 crore and total Group Business premium income of Rs 35,590 crore.

The Total Individual business premium for the quarter ended June 30, 2023 increased to Rs 62,773 crore from Rs 60,007 crore for the comparable period of previous year registering a growth of 4.61 per cent.

The Profit after Tax (PAT) for the quarter ended June 30, 2023 was Rs 9,543.71 crore which comprises of an amount of Rs 7,491.53 crore (Net of Tax) pertaining to the accretion on the Available Solvency Margin, transferred from Non Par fund to shareholders

account.

For the quarter ended June 30, 2022, PAT was Rs 682.88 crore in which an amount of Rs 4,148.77 crore (Net of Tax) pertaining to the accretion on the Available Solvency Margin was not included as this amount was transferred from Non Par fund to shareholders account on September 30, 2022. Therefore the comparable profit figure for quarter ended June 30, 2022 is Rs 4,831.65 crore (net of tax).

On an Annualised Premium Equivalent (APE) basis the total premium was Rs 9,532 crore for the quarter ended June 30, 2023.

Of this 62.42 per cent (Rs 5,950 crore) was accounted for by the Individual business and 37.58 per cent (Rs 3,582 crore) by the Group business.

Within the Individual business the share of Par products on APE basis was 89.78 per cent (Rs 5,342 crore) and balance 10.22 per cent (Rs 608 crore) was due to Non-Par products.

The non-par APE has increased from Rs 500 crore for the quarter ended June 30, 2022 to Rs 608 crore for the quarter ended June 30, 2023 registering a growth of 21.6 per cent.

Therefore our non-par share of Individual APE which was 7.75 per cent for the quarter ended June 30, 2022 has grown to 10.22 per cent for the quarter ended

June 30, 2023.