LIC reports record profit after tax of Rs 17,469cr in H1-FY 2024
Life Insurance Corporation of India (LIC) has announced a groundbreaking financial performance for the half year ended September 30th, 2023, in H1-FY 2024. The Profit After Tax (PAT) reached an all-time high of Rs. 17,469 crore, a substantial leap from the previous year’s figures.
Key Financial Highlights Show Robust Growth
The Non-Par Annualized Premium Equivalent (APE) saw a notable increase of 19.77% to Rs.1,575 crore, while the Indian Embedded Value (IEV) surged by 21.74% to a staggering Rs. 6.62 lakh crore. This period also witnessed the Assets Under Management (AUM) climbing by 10.47% to an impressive Rs. 47.43 lakh crore.
LIC’s Market Dominance and Strategic Growth
LIC continues to lead the market with a total market share of 58.50%, showcasing strong performance in both individual and group business segments. The Total Premium Income for the period stood at Rs. 2,05,760 crore, with individual business premium rising to Rs.1,34,783 crore.
LIC Achieves Highest Ever Half-Yearly Profit, AUM Increases by 10.47%. Photo courtesy of শরদিন্দু ভট্টাচার্য্য/Wikimedia Commons.
Advancements in Product Mix and Customer Value
Siddhartha Mohanty, Chairperson of LIC, highlighted the company’s strategic focus on enhancing the share of Non-Par products and maintaining profitability through innovative distribution mixes and digital advancements.
LIC’s Commitment to Solvency and Customer Value
The company’s Solvency Ratio improved to 1.90, signifying robust financial health. Persistency ratios on premium and policy basis have shown improvement, underlining LIC’s commitment to customer value and market adaptation.
About LIC:
As India’s premier life insurance provider, LIC stands as a beacon of trust and stability in the insurance sector, continually adapting to market dynamics and focusing on profitability and customer-centric approaches.