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Insurance
09-Feb-23
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LIC's net income jumps manifold to Rs 8,334 crore in December quarter
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Public sector insurer LIC on Thursday reported manifold jump in net income at Rs 8,334.2 crore during the three months ended December 2022 as against Rs 235 crore a year ago.
“The Life Insurance Corporation (LIC) earned Rs 1,11,787.6 crore in net premium income during the reporting quarter as against Rs 97,620.34 crore in the year-ago period”, it said in a regulatory filing.
The numbers are strictly not comparable as the insurer was not a publicly traded company earlier.
LIC's income from investments rose to Rs 84,889 crore from Rs 76,574.24 crore a year ago, the filing said.
Its investments into the crisis-ridden Adani Group has been under tremendous criticism even though the value of the investment of close to Rs 36,000 crore are still in the green despite those shares losing almost 60 per cent of their value since January 25.
During the post-earnings call, LIC Chairman M R Kumar said that after provisioning for transferring Rs 2,000 crore from the surplus to the shareholders fund, the net income is Rs 6,334.2 crore.
"We continue to remain focussed on creating a portfolio mix to optimise value for all stakeholders, and in that context, increasing the proportion of Non-par business in a consistent and profitable manner. In the Individual business, on an APE basis, the share of Non Par Business has increased to 9.45 per cent for the nine months ended December 31st, 2022, as against 7.12 per cent for full year ended March 31st, 2022. While the relative growth of various products within the Non-par bucket will vary within each quarter, we believe we are firmly on our way to achieving the target product mix changes. We think the market is showing signs of robust growth and we are confident of retaining and also growing our market share going forward", said M R Kumar, Chairperson, LIC.
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