Insurance giant Life Insurance Corporation said on Wednesday that the embedded value determination has started from March 2022 and is likely to be completed by July 15.
It is known that determining India’s Embedded Value (IEV) as of March 31, 2022 may take a little longer to complete, LIC said in a statement.
“Once completed and after the required approvals, the required public disclosures in this regard will be made by LIC of India. As of now, we expect the required public disclosures to be no later than July 15,” it said.
The Embedded Value (EV) is a measure of the consolidated value of the shareholder’s interest in the life insurance business.
It represents the value of the shareholder’s interest in the profit that can be distributed from the assets allocated to the company, after due consideration of the overall risks in the company.
The embedded value of LIC was set at approximately Rs 5.4 lakh crore by the international actuarial firm Milliman Advisors on September 30, 2021.
Last month, the government raised about Rs 20,500 crore by diluting its 3.5 percent stake in the insurer through the largest-ever IPO.
Post-listing, LIC on a stand-alone basis reported an 18 percent decline in net profit to Rs 2,371.55 crore in the quarter ended March 2022, compared to Rs 2,893.48 crore in the same period a year ago.
On a consolidated basis, after-tax profits fell 17 percent to Rs 2,409 crore for the fourth quarter ended March 2022 from Rs 2,917 crore in the same quarter a year ago.