India’s largest life insurer, Life Insurance Corporation of India, recorded a net profit of ₹13,782 Crore for the quarter ended March 31, 2024, up 4.5% from ₹13,191 Crore in the same time last year. The company’s board declared a final dividend of ₹6 per share.
According to the corporate filing, LIC remains the market leader in the Indian life insurance industry in terms of First Year Premium Income (FYPI), with a 58.87% overall market share. For the fiscal year ending March 31, 2024, LIC held a market share of 38.44% in individual business and 72.30% in group business.
The fiscal year ending March 31, 2024 had a total premium income of ₹4,75,070 Crore, up from ₹4,74,005 Crore the previous year. The Total Individual Business Premium for the fiscal year ending March 31, 2024, increased to ₹3,03,768 Crore from ₹2,92,763 Crore for the same time the previous year.
The Group Business total premium income for the year ended March 31, 2024 was ₹1,71,302 Crore, compared to ₹1,81,242 Crore for the year ended March 31, 2023.
As of March 2024, assets under management (AUM) was at ₹51,21,887 Crore, up from ₹43,97,205 Crore on March 31, 2023, representing a 16.48% year-on-year gain.
During the fiscal year ending March 31, 2024, a total of 2,03,92,973 policies were sold in the individual segment, compared to 2,04,28,937 sold in the previous year.
The Value of New Business (VNB) for the fiscal year ended March 31, 2024 was ₹9,583 Crore, up from ₹9,156 Crore in the fiscal year ended March 31, 2023, representing a rise of 4.66%. The net VNB margin grew by 60 basis points to 16.80% for the fiscal year ending March 31, 2024, up from 16.20% in March 31, 2023.
At around 11.28 AM, LIC was trading 0.68% lower at ₹1,029.05 per piece, against the previous close of ₹1,036.05 on NSE. The counter touched an intraday high and low of ₹1,062.45, and ₹1,014, respectively.
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