The Board of Directors of Life Insurance Corporation of India (LIC) approved and adopted the standalone and consolidated financial results for the six months ending September 30th, 2023, the company on Friday announced through an exchange filing.
Key highlights of our standalone results
The Profit after Tax (PAT) for the half year ended September 30th, 2023 was Rs.17,469 crore. The current period profit includes an amount of Rs.13,768 crore (Net of Tax), pertaining to the accretions on the available solvency margin, transferred from Non - Par fund to shareholders account.
The PAT for similar six month period ended September 30th,2022 was Rs.16,635 crore is not comparable since it included an amount of Rs.4,542 crore (Net of Tax) pertaining to the accretions on the Available Solvency Margin for the last quarter of FY 2021-22 which was transferred from Non-par fund to shareholders account on September 30th 2022.
A total of 80,60,725 policies were sold in the individual segment during the half year ended September 30th, 2023 as compared to 83,59,029 policies sold during the six months ended September 30th, 2022.
On an Annualised Premium Equivalent (APE) basis the total premium was Rs.22,627 crore for the six month period ended September 30th 2023. Of this 64.69 % (Rs. 14,638 crore) was accounted for by the Individual Business and 35.31% (Rs.7,989 crore) by the Group Business. Within the Individual Business the share of Par products on APE basis was 89.24% (Rs.13,063 crore) and balance 10.76% (Rs. 1,575 crore) was due to Non - Par products. The Non-Par APE has increased from Rs.1,315 crore for the six month period ended September 30th, 2022 to Rs.1,575 crore for the six month period ended September 30th 2023 registering growth of 19.77%. Therefore, our Non - Par share of Individual APE which was 8.98% for the six month period ended September 30th 2022 has grown to 10.76% for the six month period ended September 30th 2023.
In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader by market share in Indian life insurance business with overall market share of 58.50%. For six months ended September 30th , 2023, LIC had a market share of 40.35% in Individual business and 70.26% in the group business.
The Total Premium Income for six month period ended September 30th, 2023 was Rs. 2 2,05,760 crore as compared to Rs. 2,30,456 crore for the six month period ended September 30th 2022 during the previous year. The Total Individual Business Premium for the six month period ended September 30th, 2023 increased to Rs.1,34,783 crore from Rs.1,27,738 crore for the comparable period of previous year. The Group Business total premium income for six months ended September 30th, 2023 was Rs. 70,977 crore as compared to Rs 1,02,718 crore for six months ended September 30th, 2022
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