LIC reports IEV of Rs 5.41 lakh cr at end of March

15 Jul 2022 , 12:37 PM

As on 30 September 2021, the companys IEV stood at Rs 5,39,686 crore. The IEV as of 30 September 2021 was significantly higher than the IEV of March 2021 due to the bifurcation of fund that was carried out by LIC pursuant to changes in the LIC Act during the FY 2021-22. The company stated. The Value of New Business (VNB) for year ended 31 March 2022 has been determined to be Rs 7,619 crore from Rs 4,167 crore for the year ended 31 March 2021. Also, the VNB for the six-month period ended 30 September 2021 was Rs 1,583 crore. The VNB margin improved to 15.1% as of 31 March 2022 as against 9.9% posted in the year ago. The Annualised Premium Equivalent (APE) for the year FY22 is Rs 50,390 crore as compared to Rs 45,588 crore reported in the previous year. The APE considered for arriving at VNB for period ended 31 March 2021 stood at Rs 42,170 crore. Further, for the period ended 31 March 2022, the APE of individual business and group business was Rs 35,572 crore and Rs 14,818 crore respectively. Therefore, the individual business accounted for 70.59% of APE and group business accounted for 29.41% of APE. Also, within the individual business, the par business share on APE basis was 92.88%, while the remaining 7.12 % was from the non-par business. The ROEV (Return on embedded value) for March 2022 is 11.9% as compared to 36.9% for March 2021. It is clarified that these calculations take into account the bifurcation impact of the split of single life fund into par and non-par fund during the FY 2021-22, the insurance major said. LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country. Shares of LIC debuted on the bourses on 17 May 2022. The scrip was listed at Rs 867.20, representing an 8.62% discount to the issue price of Rs 949. Shares of LIC were down 0.62% to Rs 707.75 on the BSE. Powered by Capital Market – Live News