LIC Q4 net rises fivefold to Rs 13,421 cr, net premium income dips 8.3%
“According to the board’s approved policy on distribution of surplus, of the total surplus of participating fund, the corporation has transferred 92.5 per cent (95 per cent in FY 2021-22) for the current financial year i.e. FY2022-23 to the participating policyholders’ fund balance 7.5 per cent (5 per cent in FY 2021-22) to the shareholders fund,” the notes on account said.
“The profit for 2022-23 comprises an amount of Rs 27,240.75 crore (net of tax), which is pertaining to the accretion on the available solvency margin, transferred from non-par fund to shareholders account,” LIC said in a statement.
On an annualised premium equivalent (APE) basis, the total premium was Rs 56,682 crore for FY23, as compared to Rs 50,390 crore in the previous year, representing growth of 12.49 per cent YoY.
“The gross VNB of the individual business was Rs 7,571 crore for group business was Rs 3,982 crore for the year ended March 31, 2023. Gross VNB margins for the individual group business were 19.6 per cent 22.1 per cent, respectively,” LIC said.
The board of LIC recommended a final dividend of Rs 3 per share with a face value of Rs 10 for the year ended March 2023.
The Indian embedded value (IEV) of LIC was Rs 5.82 trillion as on March 31, 2023, as compared to Rs 5.41 trillion as on March 31, 2022, Rs 5.44 trillion as on September 30,2022. IEV recorded YoY growth of 7.53 per cent.
Income from investments during the quarter grew marginally to Rs 67,846 crore, from Rs 67,498 crore.
The solvency ratio was 1.87 at the end March 2023 as compared to 1.85 at the end of December 2022 March 2022.
For the year ended March 31, 2023, the persistency ratios, on a premium basis, for the 13th month 61st month were 77.09 per cent, 61.80 per cent, respectively. The comparable persistency ratios for the corresponding period were 75.59 per cent 61 per cent, respectively.