On full year basis, the company’s standalone net profit jumped 11.76% to Rs 40,676 crore in FY24 as compared with Rs 36,397 crore in FY23. Total premium income rose 0.22% to Rs 4,70,569.58 crore in FY24 as compared with Rs 4,74,004.61 crore in FY23.

The Corporation had changed its accounting policy in September, 2022 regarding transfer of amount pertaining to the accretion on the available solvency margin from non-participating policyholders account to shareholders account and accordingly transferred total amount of Rs. 29,518.75 crore (net of tax) in the financial year 2023-24 compared to Rs. 27,240.75 crore in the FY2022-23, which included an amount of Rs. 4,542.31 crore pertaining to the quarter ended March 31, 2022.

In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader by market share in Indian life insurance business with overall market share of 58.87%. For the year ended March 31st 2024, LIC had a market share of 38.44% in Individual business and 72.30% in the Group business.

On an Annualized Premium Equivalent (APE) basis, the total premium was Rs 56,970 crore for the year ended March 31st 2024. Of this 67.46% (Rs. 38,433 crore) was accounted for by the Individual Business and 32.54% (Rs. 18,537 crore) by the Group Business.

The Value of New Business (VNB) for the year ended March 31st, 2024 was Rs. 9,583 crore as compared to Rs. 9,156 crore for the year ended March 31st, 2023, registering a growth of 4.66%. The net VNB margin for the year ended March 31st , 2024 increased by 60 bps to16.80% as compared to 16.20% for the year ended March 31st, 2023.

State-run Life insurer sold 2,03,92,973 policies during the year ended March 31st, 2024 as compared to 2,04,28,937 policies sold during the year ended March 31st, 2023.

For the year ended March 31st 2024, the persistency ratios on premium basis for the 13th month and 61st month were 77.66% and 60.88% respectively. The comparable persistency ratios for the corresponding year ended March 31st ,2023 were 77.09% and 61.80% respectively.

The Assets Under Management (AUM) increased to Rs. 51,21,887 crore as on March 31st 2024 as compared to Rs. 43,97,205 crore on March 31st, 2023 registering an increase of 16.48% year on year.

The Overall Expense Ratio for the year ended March 31st , 2024 was 15.57% as compared to 15.53% for the year ended March 31st , 2023.

Siddhartha Mohanty, Chairperson, LIC said, “Now we intend to focus our strategic interventions to maximize our market share across categories. 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. We are confident that our employees, agents and our channel partners are fully committed to achieving these objectives. We look forward to this current year as the one in which our topline growth trajectory will be back in focus.”

Meanwhile, the company’s board has declared a final dividend of Rs 6 per equity share for FY24 the Board has fixed July 19, 2024 as the record date.

LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.

The counter shed 0.90% to Rs 1,026.50 on the BSE.