Read on the application
LIC Q2 Result: In the second quarter of the current financial year, public sector insurer Life Insurance Corporation of India (LIC) reported a 50 percent drop in net profit to Rs. 7,925 crores. In the same quarter last fiscal, the country’s largest insurance company posted a profit of Rs. 15,952 crores.
Reduction in premium: LIC had informed the stock market that its net premium income in the same quarter last fiscal stood at Rs. 1,32,631.72 crore in the July-September quarter of the current financial year to Rs. 1,07,397 crores. The company’s total revenue in the September quarter fell to Rs. 2,01,587 crore which in the September 2022 quarter was Rs. 2,22,215 crores. Value of New Business (VNB) for the six month period ended September 30, 2023 at Rs. 3,304 crores. While in the six months ended September 30, 2022, it was Rs. 3,677 crores. Net VNB margin remained flat at 14.6 percent for the same period.
Increase in solvency margin: LIC’s ‘solvency margin’ increased to 1.90 per cent in the September 2023 quarter from 1.88 per cent in the same quarter a year ago. Solvency margin is the additional capital that companies must maintain over and above potential claim amounts. In terms of asset quality, the gross non-performing assets (NPA) ratio declined to 2.43 per cent from 5.60 per cent in the corresponding period last fiscal.
Deny share: LIC’s share price fell by 0.68%. On the last trading day of the week i.e. Friday the share price was Rs. was 610.55.