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LIC: Expect strong growth In products
February 14, 2023
|Financial Express Mumbai
Six products in the non-par segments launched till December
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LIFE INSURANCE CORPORATION OF INDIA LIC)'S Q3 reported a standalone net profit of 6,334.2 crore in Q3FY23,up 27x y-o-y.This is a result of the transfer of 5,670 crore from the non-par segment to shareholders’s accounts related to accretion on available solvency matrgin).For 9MFY23, PAT grew 13.7xyo-y to 22,970 crore.
Annualised premium equivalent APE) came in at 12,320 crore in Q3FY23. Value-of-new-business VNB) declined 21% y-o0-yto 1,800 crore as VNB margin moderated by 60bp q-o-q to 14.6% in Q3FY23.
The individual/group business constituted 62%/38% of APE,
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