State-owned insurer Life Insurance Corporation (LIC) on Friday reported a 50% fall in net revenue at ₹7,925 crore for the quarter ended September 30, on lower income.
The nation’s greatest insurer had a net revenue of ₹15,952 crore within the year-ago interval, LIC stated in a regulatory submitting.
The net premium income eased to ₹1,07,397 crore within the second quarter of the present fiscal, from ₹1,32,631.72 crore in the identical interval a yr in the past.
LIC’s whole income declined to ₹2,01,587 crore within the newest quarter, in contrast with ₹2,22,215 crore within the year-ago interval, it stated.
However, net income from investments in the course of the quarter rose to ₹93,942 crore, in contrast with ₹84,104 crore in the identical interval of 2022-23.
LIC’s solvency margin elevated to 1.90% in contrast with 1.88% in the identical quarter a yr in the past.
Gross non-performing property ratio eased to 2.43%, from 5.60% in the identical interval a yr in the past.
LIC earned the highest-ever half-yearly revenue after tax at ₹17,469 crore in contrast with ₹16,635 crore in the identical interval a yr in the past, the corporate emphasised, saying, subsequently, the most recent reported outcomes aren’t comparable.
“During the first six months of this financial year, we have been able to implement strategies successfully to enhance the share of Non-Par products in our overall individual business, said LIC Chairman Siddhartha Mohanty.
“The present VNB (worth of latest enterprise) margins are an indicator of our initiatives delivering the target of sustaining profitability as we alter course,” Mr. Mohanty added.
The distribution combine can be extra diversified with a rise in share of Bancassurance and Alternate Channels, he stated, including, LIC is speaking to 2 extra banks for the tie up.
