The government currently holds 96.50% stake in the company accounting for 6,10,36,22,781 shares out of 6,32,49,97,701 fully paid up equity shares.
India’s largest life insurer Life Insurance Corporation of India on Monday reported a net profit of Rs 13,782 crore for the quarter ended March 31, 2024, which was up by 4.5% over Rs 13,191 crore reported in the corresponding period of the last financial year. The company board has declared a final dividend of Rs 6 per share.
In First Year Premium Income (FYPI), LIC continues to be the market leader in Indian life insurance business with an overall market share of 58.87%, the company filing said. For the year ended March 31, 2024, LIC had a market share of 38.44% in individual business and 72.30% in group business.
The Total Premium Income for the year ended March 31, 2024, was reported at Rs 4,75,070 crore as against Rs 4,74,005 crore for the year ended March 31 2023. The Total Individual Business Premium for the year ended March 31, 2024, increased to Rs 3,03,768 crore from Rs 2,92,763 crore for the comparable period of previous year.The Group Business total premium income for the year ended March 31, 2024, was Rs 1,71,302 crore as against Rs 1,81,242 crore for the year ended March 31 2023.The assets under management (AUM) increased to Rs 51,21,887 crore as of March 2024, as compared to Rs 43,97,205 crore reported on March 31, 2023, registering an increase of 16.48% year on year.A total of 2,03,92,973 policies were sold in the individual segment during the year ended March 31, 2024, as compared to 2,04,28,937 sold during the year ended March 31, 2023.
The Value of New Business (VNB) for the year ended March 31, 2024, was Rs 9,583 crore as compared to Rs. 9,156 crore for the year ended March 31st, 2023, registering growth of 4.66%. The net VNB margin for the year ended March 31, 2024 increased by 60 bps to 16.80% as compared to 16.20% for the year ended March 31, 2023.
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