Excelsior Correspondent
JAMMU, Nov 11: The Board of Directors of Life Insurance Corporation (LIC) announced the financial results for the six months ending on September 30th, 2024, here today.
As per the statement issued by the LIC, the Profit after Tax (PAT) for the half year ended September 30th, 2024 was Rs. 18,082 crore as compared to Rs. 17,469 crore for the half year ended September 30th, 2023 registering a growth of 3.51%.
Speaking on the occasion, Siddhartha Mohanty, CEO & MD, LIC said, “During the first half of this year (FY 2024-25), LIC has been successful in delivering holistic growth on various business parameters such as market share, premium, Non par share within Individual business, VNB, VNB Margin and Embedded Value. Our market share for H1FY25 has increased to 61.07% as compared to 58.50% for the same period of previous year and 58.87% for the full year ended on March 31, 2024.”
“Further we have been consolidating our gains in terms of changing our product mix. The Non Par APE share of Individual business for H1FY25 now stands at 26.31% as compared to 10.76% for the similar period of previous year,” he added.
In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader in Indian life insurance business with overall market share of 61.07% for half year ended on September 30th 2024 as compared to 58.50% for half year ended on September 30th 2023.
For the half year ended on September 30th, 2024, LIC had a market share of 39.79% in Individual business and 74.77% in the Group business.
LIC had posted a profit of Rs 8,030.28 crore in the July-September period of the preceding 2023-24 fiscal, the company said in an exchange filing.
The company’s net premium income was reported at Rs 1.2 lakh crore for the quarter under review in the current fiscal. It rose 11.5 percent on-year from Rs 1.07 lakh core in the year-ago quarter. It was reported at Rs 1.14 lakh crore in the June quarter.
The Total Premium Income for six months period ended on September 30th, 2024 was Rs. 2,33,671 crore as compared to Rs. 2,05,760 crore for the six months period ended on September 30th 2023, registering a growth of 13.56%.
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