LIC Q2 outcomes: PAT rises multi-fold to ₹15,952 cr, internet premium revenue up 27%

State-run insurance coverage large Life Insurance coverage Company (LIC) on Friday mentioned its September quarter consolidated internet revenue after tax (PAT) surged multi-fold to 15,952 crore from 1,434 crore within the corresponding quarter of the final fiscal 12 months. The insurer recognised a achieve as a result of modifications in its accounting coverage.

Within the April to June quarter, the insurance coverage large had reported a internet revenue of 682.9 crore.

LIC’s internet premium revenue improved to 1.32 lakh crore within the reporting quarter, up 27% from 1.04 lakh crore within the year-ago interval. The web revenue from investments jumped 10% YoY to 84,104 crore.

The primary-year premium, a sign of enterprise development, was at 9124.7 crore, up 11% for the quarter in contrast with 8198.30 crore a 12 months in the past.

The renewal premium rose 2% to 56,156 crore whereas single premium soared 62% to 66,901 crore.

LIC’s gross non-performing belongings (NPA) for the September quarter got here at 26,111 crore, as in opposition to 26,619 crore 1 / 4 in the past, and 28,929 crore a 12 months in the past.

The gross NPA ratio was down to five.60% on the finish of Q2 from 5.84% in Q1, and 6.57% a 12 months in the past.

tHE INSURERs thirteenth month persistency ratio – that measures a buyer’s stickiness – was 70.52% in Q2, in comparison with 68.81% a 12 months in the past.

Forward of the announcement of the consequence, LIC inventory ended 1.17% larger at 628.05 on BSE. The insurer, which listed in Could following a file $2.7 billion share sale, has seen its inventory tumble greater than 28% from the itemizing worth of 872.

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