Team Blitz India
NEW DELHI: – Life Insurance Corporation of India (LIC) reported an over 50% year-on-year (YoY) fall in net profit for the quarter ended September 2023 to Rs 7,925 crore. The net premium income declined by nearly 19% on year to Rs 1.07 lakh crore.
However, the profit number may not be comparable on a YoY basis, since LIC changed its accounting policy in the same quarter last year for transfer of amount pertaining to the accretion on the Available Solvency Margin from Non Participating Policyholder’s Account to Shareholder’s Account. Accordingly, it transferred a total amount of Rs 27,241 crore during FY23.
Net commission for the quarter stood at Rs 6,077 crore, compared with Rs 5,808 crore a year ago. The solvency ratio as of September-end stood at 1.90 times, compared with 1.88 times a year ago.
The gross non-performing assets ratio as of September 30 was 2.43%, compared with 5.60% a year ago, and 2.48% a quarter ago.
The 13th month persistency ratio stood at 71.19%, compared with 70.52% a year ago, and 75.10% a quarter ago.
