Life Insurance Corporation of India: 2.04 crore polices sold in the individual segment during FY 23

 Life Insurance Corporation of India: 2.04 crore polices sold in the individual segment during FY 23

  • The Assets Under Management (AUM) increased to Rs. 43.97 lakh crore as on March 31st,2023 as compared to Rs. 40.85 lakh crore on March 31st,2022 registering an increase of 7.65% year on year.
  • The Profit after Tax (PAT) for the year ended March 31st 2023 was Rs. 36,397.40 crore as compared to Rs. 4,043.12 crore for the previous year ended March 31st, 2022. 
  • In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI) LIC has maintained its leadership in Indian life insurance business with a market share of 62.58% for FY 2022-23 
  • Market leadership with 62.58% market share with 16.67% FYPI growth • Profit After Tax at Rs. 36,397 crore 
  • • Board recommends dividend of Rs. 3/- Per Share (Previous Year Rs 1.50/- per share)
  •  • Value of New Business (Gross) grows by 16.46% to Rs.11,553 crore 
  • • VNB margin (Net) increased by 110 bps to 16.2%, highest since listing
  •  • Indian Embedded Value (IEV) increases by 7.53% to Rs.5.82 lakh crore • AUM increased by 7.65% to Rs. 43.97 lakh crore 
  • • 2.04 crore polices sold in the individual segment during FY 23
  •  • 13th mth Persistency on premium basis improves by 150 bps to 77.09%      

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