State-owned insurance coverage behemoth Life Insurance coverage Company (LIC) of India on Thursday introduced a large rise in its web revenue at Rs 8,334.2 crore through the three months ending December 2022 as in opposition to Rs 235 crore within the corresponding interval a 12 months in the past. Nonetheless, on quarter to quarter foundation, web revenue has seen a decline. LIC’s September quarter web revenue was Rs 15,952.49 crore.
The Life Insurance coverage Company (LIC) reported a web premium revenue of Rs 1,11,787.6 crore through the reporting quarter in comparison with Rs 97,620.34 crore throughout the identical time final 12 months, in response to a regulatory submitting. The primary-year premium or new enterprise premium grew to Rs 9,724.71 crore from Rs 8,748.55 crore within the December quarter of the earlier monetary 12 months.
In line with the corporate submitting, LIC’s revenue from investments elevated to Rs 84,889 crore from Rs 76,574.24 crore a 12 months earlier than.
M R Kumar, Chairperson, LIC stated, “We proceed to stay focussed on making a portfolio combine to optimise worth for all stakeholders, and in that context, rising the proportion of Non-par enterprise in a constant and worthwhile method. Within the Particular person enterprise, on an APE foundation, the share of Non Par Enterprise has elevated to 9.45% for the 9 months ended December 31, 2022, as in opposition to 7.12% for full 12 months ended March 31, 2022. Whereas the relative progress of assorted merchandise throughout the Non-par bucket will fluctuate inside every quarter, we imagine we’re firmly on our method to reaching the goal product combine adjustments. We expect the market is exhibiting indicators of strong progress and we’re assured of retaining and likewise rising our market share going ahead.”
LIC’s belongings below administration (AUM) elevated to Rs 44,34,940 crore as on December 31, 2022 as in comparison with Rs 40,12,172 crore on December 30, 2021, registering a rise of 10.54 per cent year-on-year.
The working expense ratio for the 9 months ending December 31, 2022, elevated by 27 bps to fifteen.26 per cent as in comparison with 14.99 per cent for the 9 months ending December 31, 2021.