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Insurance
30-Jun-22
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Determining of embedded value to be completed by July 15: LIC
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Insurance behemoth Life Insurance Corporation on Wednesday said it is in the process of setting its embedded value for March 2022 and will complete it by July 15.
LIC said in a statement that the exercise to determine Indian Embedded Value (IEV) as on March 31, 2022 may take some time to complete.
"Once completed and after requisite approvals, the required public disclosures of the same, will be made in this regard, by LIC of India. As of now, we expect the required public disclosures, to be made by July 15," it said.
Embedded value (EV) is a measure of the consolidated value of shareholders' interest in the life insurance business.
It represents the worth of shareholders' interests in the earnings distributable from the assets allocated to the business after making an adequate allowance for the total risks in the business.
LIC's embedded value was pegged at about Rs 5.4 lakh crore as on September 30, 2021 by international actuarial firm Milliman Advisors.
Last month, the government raised about Rs 20,500 crore by diluting its 3.5 percent stake in the insuer through the biggest ever IPO.
Following the listing, LIC said its net profit for the quarter ended March 2022 fell 18 per cent to Rs. 2,371.55 crore as against Rs.2,893.48 crore in the corresponding quarter of the previous year.
On a consolidated basis, profit after tax fell 17 percent to Rs 2,409 crore in the fourth quarter ended March 2022 from Rs 2,917 crore in the same quarter a year ago.
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