(MENAFN- Trend News Agency)
Life Insurance Corporation of India (LIC), the country's largest
insurer, said its net profit jumped to Rs 682.88 crore for the
quarter ended June 30, 2022, sharply higher than a mere Rs 2.94
crore net profit recorded in the corresponding period of the
However, the net profit is down on a sequential basis. For
January-March 2022 quarter, LIC's net profit stood at Rs 2,371.5
The Board of Directors of Life Insurance Corporation of India
approved the standalone and consolidated financial results for the
quarter ending June 30, 2022.
For the quarter ended June 30, 2022, LIC registered an increase
of 20.35 per cent in the Total Premium Income at Rs 98,352 crore as
compared to Rs 81,721 crore for the quarter ended June 30th
The marketing activity picked up the pace, overall business
momentum was strong for LIC and as a result, the overall market
share by First Year Premium Income (as per IRDAI) increased to
65.42 per cent for the quarter ended June 30, 2022 as compared to
the full-year market share of 63.25 per cent for FY 2021-22, LIC
said in a statement.
The market share by First Year Premium Income for the quarter
ended June 30, 2021 was 67.52 per cent.
“As the COVID situation normalises, we are seeing a larger
activity on the ground, therefore bringing us back closer to our
model of having 'feet on street' and continuous in-person
engagement with our customers,” MR Kumar, Chairperson, LIC, said in
“While the growth numbers are very robust for the first quarter
as seen in comparison to the same quarter of FY 2021-22, we are
aware that the Q1 of the previous year, FY 2021-22 was impacted by
a very tough second wave of COVID. However, the trajectory seems
upwards for sure and we are looking at increased business volumes
as is evident in our market share in the year to date since January
2022,” he said.
Kumar further noted that LIC has been now included in the
Fortune 500 list of companies and is placed at number 98 in the
list. With this ranking, LIC is the top-ranked Indian company on
the Fortune 500 list.
The market share of LIC in individual First Year Premium Income
(as per IRDAI) was 43.86 per cent for the quarter ended June 30,
2022. In the Group First Year Premium Income (as per IRDAI), the
market share of LIC during the quarter ended June 30, 2022 was
76.43 per cent.
On an Annualised Premium Equivalent (APE) basis, the total
premium was Rs 10,270 crore for the quarter ended June 30th, 2022.
Of this 62.80 per cent (Rs 6,450 crore) was accounted for by the
individual business and 37.20 per cent (Rs 3,819 crore) by the
Group Business. Within the Individual business, the share of Par
products on APE basis was 92.25 per cent and balance 7.75 per cent
was due to non-par products.
A total of 36.81 Lakh policies were sold in the individual
segment during the quarter ended June 30, 2022 thereby registering
an increase of 59.56 per cent over the similar quarter last year
when 23.07 Lakh policies were sold.
For the quarter ended June 30, 2022, the persistency ratios on
premium basis for the 13th month, 25th month, 37th month, 49th
month and 61st month were 75.75 per cent, 67.78 per cent, 64.34 per
cent,60.82 per cent and 58.99 per cent, respectively. The
comparable persistency ratios for the corresponding quarter ended
June 30th, 2021 were 72.49 per cent, 66.53 per cent, 62.62 per
cent, 59.87 per cent and 56 per cent, respectively.
As at end of June 30th, 2022 LIC had agency strength at 1.33
million, as compared to 1.34 million as on June 30th 2021. The
percentage of our agents working in rural areas is 48 per cent
whereas the remaining 52 per cent operate in urban areas.
The asset under management increased to Rs 41.02 lakh crore as
on June 30, 2022 as compared to Rs 38.13 lakh crore on June 30,
2021 registering an increase of 7.57 per cent. (ANI)
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