LIC approves results for April-June quarter

Hyderabad: The board of directors of Life Insurance Corporation of India (LIC) approved the standalone and consolidated financial results for the quarter ending June 30.

LIC registered an increase of 20.35 per cent in total premium income at Rs 98,352 crore, as compared to Rs 81,721 crore for the quarter ending on June 30, 2021. Profit after tax (PAT) for the quarter ending on June 30 was Rs 682.88 crore.

The overall market share by first year premium income (FYPI) increased to 65.42 per cent as compared to the full year market share of 63.25 per cent for FY 2021-22. The market share by FYPI for the quarter ending on June 30, 2021, was 67.52 per cent.

On an annualised premium equivalent (APE) basis the total premium was Rs 10,270 crore. Of this, 62.80 per cent (Rs 6,450 crore) was accounted for by individual business and 37.20 per cent (Rs 3,819 crore) by group business.

Approximately, 36.81 lakh policies were sold in the individual segment during the quarter thereby registering an increase of 59.56 per cent over the corresponding quarter last year.

LIC chairman M.R. Kumar said “With the Covid situation getting normalised, we are seeing a larger activity on the ground. LIC is at an enviable No. 98 in the Fortune 500 list of companies. Incidentally, it is the top ranked Indian company in the coveted list.”