In the quarter under review, the insurer’s net premium income increased by 4.67 percent to Rs 1.17 Lakh Crore, up from Rs 1.11 lakh crore in the corresponding period of the previous year.

The country’s largest insurer reported that net premium income increased by 4.67 percent to Rs 1.17 lakh crore in the quarter under review, up from Rs 1.11 lakh crore in the year-ago period, as stated in an exchange filing. Additionally, the insurer declared an interim dividend of Rs 4 per share. Moreover, the total annual premium equivalent (APE), a key metric for measuring new business sales growth, rose to Rs 13,163 crore from Rs 12,370 crore in the previous year. Furthermore, the insurer’s value of new business increased to Rs 2634 crore compared to Rs 1801 crore.

LIC’s gross non-performing assets (GNPAs) decreased to 2.15 percent from 5.02 percent in the previous year. Additionally, the insurer’s solvency ratio improved to 1.93 percent from 1.85 percent in the corresponding quarter last year.

Moreover, the Assets Under Management (AUM) rose to Rs. 49.66 lakh crore as of December 2023, compared to Rs. 44.34 lakh crore on December 31st, 2022, marking a year-on-year increase of 11.98 percent.

LIC Chairman Siddhartha Mohanty expressed optimism about the insurer’s growth trajectory, emphasizing that this is only the initial phase. “We have a lineup of several products in the pipeline for the near future. There is significant potential for improvement in certain areas,” Mohanty remarked during the post-results press conference. Meanwhile, shares of the insurer concluded trading at Rs 1,106.25 each on the BSE, marking a 5.86 percent increase.

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