Bombay:
IPO-linked Life Insurance Corporation of India (LIC) on Tuesday reported an after-tax profit of Rs 1,437 crore for the first half of the 2021-22 fiscal year as compared to Rs 6.14 crore in the same period a year ago.
The growth rate of the new business premium was 554.1 percent in the first half of the current fiscal year, compared to 394.76 percent during the corresponding period of the previous fiscal year, LIC said Tuesday.
Total total net premiums increased by Rs 1,679 crore to Rs 1.86 lakh crore in April-September 2021, from Rs 1.84 lakh crore in the same period a year ago.
The state insurer reported an increase of Rs 17,404 crore in total premiums and investment income grew to Rs 3.35 lakh crore in the period April-September 2021.
Total investment income grew by Rs 15,726 crore to Rs 1.49 lakh crore in the first half of 2021-2022, the insurer said.
Income from interest, dividends and rent (gross) rose to Rs 10,178 crore in the first half of the current fiscal year. Income from gain on sale/redemption of investments rose to Rs 10,965 crore.
The share capital of LIC has increased to Rs 6,325 crore in the first half of the current fiscal year, ahead of its IPO.
In the reporting period, the life insurer reported an increase from Rs 7,262 crore in total premium to Rs 1.13 lakh crore for individual life (unlinked).
The total premium for individual pension (unlinked) grew Rs 4,432 crore to Rs 5,636 crore; and that of the group (unlinked) grew Rs 90 crore to Rs 66,295 crore, it said.
Total premium in individual life (pegged) rose Rs 737.08 crore to Rs 1,085 crore.
The insurer’s net retention ratio was 99.88 percent in the first half of 2021-2022.
Policyholder investments have increased by Rs 5.9 lakh crore to Rs 37.72 lakh crore in the first half of the current fiscal year. Shareholder investments grew Rs 56.17 crore to Rs 6,311 crore, it said.
(This story was not edited by DailyExpertNews staff and was generated automatically from a syndicated feed.)