Life Insurance coverage Company (LIC), India’s largest monetary establishment, on Friday reported a 3.83 per cent decline in its standalone web revenue at Rs 7,621 crore for the quarter ended September 2024 as towards Rs 7,925 crore within the year-ago quarter.
LIC mentioned web premium revenue throughout the reporting quarter elevated 11 per cent year-on-year (YoY) to Rs 1.19 lakh crore, in contrast with Rs 1.07 lakh crore in the identical quarter final yr. Earnings from investments throughout the second quarter rose 16 per cent year-on-year to Rs 1.08 lakh crore within the September quarter, in contrast with Rs 93,942 crore in the identical quarter final yr.
The primary-year premium revenue throughout the second quarter elevated 12 per cent to Rs 11,201 crore, in contrast with Rs 9,988 crore in the identical quarter of the earlier yr.
The company’s Indian embedded worth (IEV) as of September 2024 was at Rs 821,716 crore as in comparison with Rs 662,605 crore as of September 2023, registering a rise of 24.01 per cent over the earlier yr.
LIC’s belongings below administration (AUM) elevated to Rs 55,39,516 crore as of September 2024 as in comparison with Rs 47,43,389 crore of September 2023, registering a rise of 16.78 per cent yr on yr.
“Our technique on enhancing market share together with adjustments in product and channel combine, with out compromising on profitability, is yielding very seen outcomes. Additional we’ve aligned our merchandise with the brand new regulatory pointers by redesigning them in such a way that the curiosity of shoppers, shareholders and numerous advertising and marketing channel companions are taken care of,” mentioned Siddhartha Mohanty, CEO & MD, LIC.
“At LIC we’re assured that each one such adjustments that are pleasant to prospects will ultimately broaden the life insurance coverage market within the nation. We’re dedicated to proceed to play a big function within the additional improvement of the life insurance coverage market with the assist of all our stakeholders,” he mentioned.
“When it comes to market share measured by first yr premium revenue (FYPI), LIC continues to be the market chief in Indian life insurance coverage enterprise with total market share of 61.07 per cent for the half yr ended September 2024 as in comparison with 58.5 per cent for half yr ended September 2023,” it mentioned.
LIC to contemplate shopping for well being insurer
LIC MD and CEO Siddhartha Mohanty on Friday mentioned the company will take a name on shopping for a stake in a standalone medical health insurance firm within the present monetary yr.
“The bottom work is happening… seek for appropriate medical health insurance firm is happening… we are going to finalise stake inside this monetary yr,” Mohanty mentioned throughout a media convention. Requested in regards to the quantum of stake LIC may have in medical health insurance firm, he mentioned it will depend upon numerous elements, together with valuation.
