Excelsior Correspondent
JAMMU, May 31: The Board of Directors of Life Insurance Corporation of India (LIC) approved the standalone and consolidated financial results for the year ended March 31, 2022.
For the year ended March 31, 2022, LIC registered an increase of 6.1 per cent in the Net Premium Income at Rs. 4,27,419 crore as compared to Rs. 4,02,844 crore in the previous financial year ended March 31, 2021. The Profit after Tax (PAT) for the full year ended March 31, 2022 was Rs. 4,043.12 crore as against Rs. 2,900.57 crore for the year ended March 31, 2021, thereby registering an increase of 39.39 per cent.
The Earnings Per Share (EPS) for the financial year 2021 -22 was Rs. 6.39 per share. The Yield on Investments on policyholders funds excluding unrealized gains was 8.55 % for period ended March 31st, 2022 as against 8.69 % for year ended March 31, 2021.
The Net NPAs in the policyholders fund declined to 0.04% for the year ended March 31, 2022 as compared to 0.05% for the previous year ended March 31, 2021. The solvency ratio for the year ended March 31, 2022 was 1.85 as against 1.76 for the period ended March 31, 2021.
For the year ended March 31, 2022, the persistency ratios for the 13th month, 25th month, 37th month, 49th month and 61st month were 75.59%, 73.47%, 66.58%, 63.85% and 61.00% respectively.
The Board of Directors have also recommended a dividend of Rs. 1.50 per share translating to a dividend payout of Rs. 948.75 crore which aggregates to about 23.46 % of PAT.
Though the year started on a muted note due to the Covid-19 pandemic, LIC was able to increase the marketing activities and ended the year with a significant growth of 18.70% in the quarter of Jan to March 2022 in Individual First year premium Income as compared to the corresponding quarter last year.
LIC registered a growth of 6.31% in Weighted Received Premium (WRP) for the Financial Year ended March 31, 2022. LIC completed 2.17 crore of New Policies during the year with a growth of 3.56% over the last year. The market share of LIC in individual policies was 74.60% for the financial year ended March 31, 2022. In the Group business the market share of LIC during year ended March 31, 2022 was 89.07% by number of policies /schemes and 76.16% by first year premium.
The market share of LIC as at the end of 31st March 2022 was 63.25% in composite First Year Premium income.
Trending Now
E-Paper
Follow our WhatsApp channel