Market

LIC reports Rs 235-crore net profit in Q3

First yr premiums within the quarter underneath evaluate grew 9.94% year-on-year to Rs 8,748.55 crore from Rs 7,957.37 crore. Single premiums, nonetheless, de-grew 5.5% Y-o-Y to Rs 32,190.15 crore.

Ahead of its preliminary public providing (IPO), Life Insurance Corporation of India (LIC) on Friday reported a web revenue of Rs 234.91 crore for the December 2021 quarter, up from Rs 94.23 lakh within the year-ago interval. The life insurer’s web revenue for the 9 months to December 2021 elevated to Rs 1,671.57 crore from Rs 7.08 crore a yr in the past. In FY21, it reported a web revenue of Rs 2,734.34 crore, a rise of 14% over the earlier yr.

First yr premiums within the quarter underneath evaluate grew 9.94% year-on-year to Rs 8,748.55 crore from Rs 7,957.37 crore. Single premiums, nonetheless, de-grew 5.5% Y-o-Y to Rs 32,190.15 crore.

Analysts at Motilal Oswal noticed that personal sector insurers commanded a market share of 63.4% within the particular person annualised premium in February whereas LIC’s share stood at 36.5%.

Analysts at Macquarie Research have identified that LIC’s market share in general premium in addition to new enterprise premium is greater than 60%. In phrases of APE, it’s a lot decrease at about 50%. “So, it has been losing market share in the individual business due to which APE market share is much lower,” they not too long ago wrote.

The general premium, in addition to new enterprise premium, is influenced by the group premium and single premium companies, which kind a big proportion of LIC’s enterprise, the place it has nearer to an 80%+ market share.

The insurer is the largest asset supervisor within the nation with an AUM (on a stand-alone foundation), which is greater than 3.3 occasions the overall AUM for all life insurers. It is determined by particular person brokers to supply new enterprise premiums for particular person merchandise – the community contains roughly 1.35 million brokers.



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