LIC Q4 results: Net profit stood at Rs 13,782 crore

State-owned insurance giant Life Insurance Corporation of India (LIC) posted a net profit of Rs 13,782 crore for the quarter that ended March 31, 2024, up by 4.5 percent, compared to Rs 13,191 crore reported in the corresponding period of the previous financial year.

In terms of Asset quality, its gross non-performing asset (GNPA) stood at 2.01 percent against 2.56 percent in the year-ago period. The value of the new business (VNB) of the insurer increased by 4.66 percent to Rs 9,583 crore and the VNB margin increased by 60 bps to 16.8 percent.

Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoY

The non-par Annualised Premium Equivalent (APE) share within individual businesses rose by 9.43 percent to 18.32 percent. The non-par APE has increased from Rs 3,436 crore for the year ended March 31, 2023, to Rs 7,041 crore for the year ended March 31, 2024, registering a growth of 105 percent. Therefore, on an APE basis, the insurer's non-par share of the individual business, which was 8.89 percent for FY23 has grown to 18 percent for the year ended March 31.

The Total Premium Income for the year ended March 31, 2024, stood at Rs 4,75,070 crore as against Rs 4,74,005 crore for the year ended March 31, 2023. The Total Individual Business Premium for the year ended March 31, 2024, increased to Rs 3,03,768 crore from Rs 2,92,763 crore for the corresponding period of the previous year.

Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail deposits

The assets under management (AUM) increased to Rs 51,21,887 crore as of March 2024 compared to Rs 43,97,205 crore reported on March 31, 2023, witnessing an increase of 16.48% year-on-year.

The total premium income of the group business for the year ended March 31, 2024, was Rs 1,71,302 crore as against Rs 1,81,242 crore for the year ended March 31, 2023.

Read Also : India assumes the Chair of Asian Disaster Preparedness Centre