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Life Insurance Corporation of India announced H1FY24 results:
- Highest ever Half Yearly Profit After Tax at Rs. 17,469 crore
- Non - Par APE increased by 19.77% to Rs.1,575 crore
- Indian Embedded Value increased by 21.74% to Rs. 6.62 lakh crore
- VNB Margin (Net) stands at 14.6%
- AUM increased by 10.47% to Rs. 47.43 lakh crore
- Improvement in 13th-month persistency both on premium and policy basis
- Solvency Ratio increased to 1.90 from 1.88
Shri Siddhartha Mohanty, Chairperson, LIC said, “ During the first six months of this financial year, we have been able to implement strategies successfully to enhance the share of Non-Par products in our overall individual business. The current VNB margins are an indicator of our initiatives delivering the objective of maintaining profitability as we change direction. We are conscious of the market dynamics in certain parts of our business and are working towards profit-oriented consolidation. The distribution mix is also more diversified with an increase in share of Bancassurance and Alternate Channels. We continue to remain focused on creating higher Customer Value through Digital Innovations. We are thankful to all our stakeholders for their continued support.”
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