Excelsior Correspondent
JAMMU, Nov 12: The LIC of India has registered an increase of 23.8 % in the total premium income at Rs 2,30,456 crores this year as compared to Rs 1,86,053 crore for the half year ended Sept 30, 2021.
The Company generated a profit after tax for the half year ended Sept 30, 2022 to the tune of Rs 16,635 crore as compared to Rs 1437 crore last year’s corresponding period. The current period profit was increased due to transfer of an amount of Rs 14, 271 crores (net of tax), pertaining to the accretions on the available solvency margin from non-par to shareholders’ account.
The LIC’s over all market share by first year premium income as per IRDA, has increased to 68.25 % for the half- year ended Sept 30, 2022 as compared to full year market share of 63.25 % of FY 2021-22. A total 83,59, 029 policies were sold by in the individual segment during the first half- year by the company thereby, registering an increase of 13.55 % over the performance of last year during this period.
The Assets Under Management (AUM) of the company increased to Rs 42,93,778 crore as on Sept 30, 2022 as compared to Rs 39,50,633 crore during last year’s this period, registering hike of 8.69 %. The yield on investments on policyholders funds excluding unrealized gains was 8.32 % for half year ended Sept 30, 2022 as against 8.62 % for half year ended Sept 30, 2021.
The net NPA in the policy-holders funds was Rs 12.72 crores as on Sept 30, 2022 as compared to last years’ figures of Rs 191.56 crore.
M R Kumar, Chairperson, LIC of India said that the results signify LIC’s gradual and consistent move towards diversifying our product mix aimed at increasing the Non-Par business share.
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