Life Insurance Corporation of India (LIC).
| Photo Credit: REUTERS
Life Insurance Corporation of India (LIC) reported fourth quarter standalone net revenue grew marginally by 2.49% to ₹13,763 crore as in contrast with ₹13,428 crore within the 12 months in the past interval due to the influence of sharply increased worker remuneration arrears and welfare bills.
During the quarter the company earmarked ₹13,750 crore in direction of worker remuneration and welfare as in contrast with ₹10,381 crore in the identical interval final 12 months.
For the total 12 months it had allotted ₹39,584 crore in direction of this head as in contrast with ₹40,094 crore within the earlier 12 months.
LIC’s net premium revenue for the quarter elevated to ₹152,293 crore as in contrast with ₹131,761 crore within the 12 months in the past interval. Income from investments through the quarter additionally elevated to ₹84,425 crore as in contrast with ₹67,847 crore in the identical interval final 12 months.
For FY24 the company reported net revenue of ₹40,676 crore as in contrast with ₹36,397 crore within the earlier 12 months, up 11.75%.
LIC had modified its accounting coverage in September, 2022 relating to switch of quantity pertaining to the accretion on the obtainable solvency margin from Non-Participating Policyholders account to Shareholders account and accordingly transferred whole quantity of ₹29,518.75 crore (net of tax) within the monetary 12 months 2023-24 in contrast with ₹27,240.75 crore within the FY2022-23, which included an quantity of ₹4,542.31 crore pertaining to the quarter ended March 31, 2022.
The Board has beneficial a closing dividend of ₹6 per share for FY24.
Earlier, through the 12 months an interim dividend of ₹4 was declared and paid to shareholders.
For FY25 LIC has given a steerage of double digit growth in margin.
For the 12 months ended March 31, LIC had a market share of 38.44% in Individual enterprise and 72.30% within the Group enterprise.
The whole premium revenue for FY24 remained flat at ₹4,75,070 crore in contrast with ₹4,74,005 crore for the earlier 12 months.
A complete of two,03,92,973 insurance policies have been bought within the particular person phase throughout FY24 in contrast with 2,04,28,937 bought within the earlier 12 months.
The Assets Under Management (AUM) rose 16.48% to ₹51,21,887 crore in FY24 in contrast with ₹43,97,205 crore in FY23.
Siddhartha Mohanty, Chairperson, LIC mentioned, “During the last year we have focused on directional changes in our product mix and enhancing margins in the business.”
“We have more than doubled our share of Non-par business within our Individual business. Now we intend to focus our strategic interventions to maximize our market share across categories,” he mentioned
“At the same time, our sharp focus on various parameters which create superior value for all stakeholders shall continue, as demonstrated. There are key initiatives related to distribution channel and digital transformation underway,” he added.
“We are assured that our staff, brokers and our channel companions are totally dedicated to attaining these goals. We look ahead to this present 12 months because the one during which our topline growth trajectory can be again in focus, he additional mentioned.
