Life Insurance coverage Company of India (LIC) Ltd. reported standalone first-quarter internet revenue surged to ₹682.88 crore from ₹2.94 crore within the year-earlier interval.
Whole premium earnings rose 20.35% to ₹98,351.77 crore.
LIC mentioned advertising and marketing exercise picked up tempo and the general enterprise momentum was robust. The market share of the primary yr premium Revenue stood at 65.42% for the quarter in contrast with 67.52% within the year-earlier interval.
Whereas coverage surrenders have elevated, there has additionally been a rise in internet commissions and expenditure of administration.
A complete of 36.81 lakh insurance policies have been offered within the particular person section, up 59.56% over the year-earlier interval when 23.07 lakh insurance policies have been offered.
Belongings beneath administration elevated to ₹41.02 lakh crore as in comparison with ₹38.13 lakh crore within the year-earlier interval, up 7.57%.
The Internet NPAs within the policyholders’ fund declined to ₹9 crore from ₹194 crore a yr in the past. As towards Gross NPA of ₹26,620 crore, NPA provision of ₹26,611 crore has been made for quarter ended June 30, LIC mentioned in a submitting..
The solvency ratio for the quarter was 188.54% as towards 173.34% for a similar interval final yr.
Addressing a digital press convention M.R. Kumar, chairperson, LIC mentioned “ Now we have accomplished fairly properly on this quarter. Q1 is all the time a sluggish begin. We’re constructive going ahead.”
He mentioned “Whereas the expansion numbers are very strong for the primary quarter as seen compared to the identical quarter of FY 2021-22, we’re conscious that the Q1 of the earlier yr was impacted by a really powerful second wave of Covid. Nonetheless, the trajectory is upwards and we’re taking a look at elevated enterprise volumes as is clear in our market share within the yr thus far since January 2022.”
By- The Hindu