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India's largest life insurer, Life Insurance Corporation of India (LIC), has reported a 4.5% year-over-year growth in its net profit for the quarter ended March 31, 2024. The company's net profit for the quarter stood at Rs 13,782 crore, compared to Rs 13,191 crore in the same period of the previous year.
LIC continues to maintain its dominance in the Indian life insurance market, with an overall market share of 58.87% in First Year Premium Income (FYPI). The company holds a market share of 38.44% in the individual business and 72.30% in the group business.
The company's Total Premium Income for the year ended March 31, 2024, was reported at Rs 4,75,070 crore, marginally higher than the Rs 4,74,005 crore reported in the previous year. The Total Individual Business Premium increased to Rs 3,03,768 crore, while the Group Business premium income decreased to Rs 1,71,302 crore.
LIC's assets under management (AUM) have grown significantly to Rs 51,21,887 crore as of March 2024, marking an increase of 16.48% year-over-year from Rs 43,97,205 crore reported on March 31, 2023.
The company sold 2,03,92,973 policies in the individual segment during the year ended March 31, 2024, which is slightly lower than the 2,04,28,937 policies sold in the previous year.
LIC's Value of New Business (VNB) for the year ended March 31, 2024, was Rs 9,583 crore, reflecting a growth of 4.66% compared to Rs 9,156 crore in the previous year. The net VNB margin also improved to 16.80% as compared to 16.20% in the previous year.
The company's solvency ratio has increased to 1.98 as of March 2024, compared to 1.87 on March 31, 2023, indicating a strong financial position.
Commenting on the results, LIC Chairperson Siddhartha Mohanty said that the company focused on enhancing margins and optimizing its product mix during the past year. LIC plans to continue its strategic initiatives to grow its market share across categories and deliver value to all stakeholders.
Overall, LIC's Q4 results reflect the company's strong performance and its continued dominance in the Indian life insurance market. With its robust financial position and growth-oriented strategy, LIC is well-positioned to capitalize on future growth opportunities in the industry.
Source: LIC Q4 Results: Cons PAT jumps 4.5% YoY to Rs 13,782 cr; dividend declared at Rs 6 per share