IPO-bound Life Insurance Corporation of India (LIC) on Tuesday reported a profit after tax of Rs 1,437 crore for the first half of the financial year 2021-22 as compared with Rs 6.14 crore in the year-ago period.
Its new business premium growth rate stood at 554.1 per cent in first half of the current financial year, compared with 394.76 per cent during the corresponding period of the preceding financial year, LIC said on Tuesday.
Its overall total net premiums increased Rs 1,679 crore to Rs 1.86 lakh crore during April-September 2021, from Rs 1.84 lakh crore in the year-ago period.
The state-owned insurer reported a jump of Rs 17,404 crore in overall premiums and income from investments grew to Rs 3.35 lakh crore in the April-September 2021 period.
The overall income from investments grew Rs 15,726 crore to Rs 1.49 lakh crore in first half of 2021-22, the insurer said.
Income from interest, dividends and rent (gross) grew to Rs 10,178 crore in first half of the current fiscal. Income from profit on sale/redemption of investments increased to Rs 10,965 crore.
LIC’s share capital has been increased to Rs 6,325 crore in first half of current financial year on the eve of its IPO.
In the reporting period, the life insurer reported an increase of Rs 7,262 crore in the total premium to Rs 1.13 lakh crore for individual life (non-linked).
The total premium in individual pension (non-linked) grew Rs 4,432 crore to Rs 5,636 crore; and that of the group (non-linked) grew Rs 90 crore to Rs 66,295 crore, it said.
The total premium in individual life (linked) increased Rs 737.08 crore to Rs 1,085 crore.
The insurer’s net retention ratio stood at 99.88 per cent in first half of 2021-22.
Investments of policyholders have grown Rs 5.9 lakh crore to Rs 37.72 lakh crore in the first half of current financial year. Investments of shareholders grew Rs 56.17 crore to Rs 6,311 crore, it said.
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