IPO-bound Life Insurance Corporation of India (LIC) on Tuesday reported a profit after tax of Rs 1,437 crore for the first half of the financial year 2021-22 as compared with Rs 6.14 crore in the year-ago period.
Its new business premium growth rate stood at 554.1 per cent in H1FY22, compared with 394.76 per cent during the corresponding period of the preceding financial year, LIC said on Tuesday.
Its overall total net premiums increased Rs 1,679 crore to Rs 1.86 lakh crore during April-September 2021, from Rs 1.84 lakh crore in the year-ago period.
The state-owned insurer reported a jump of Rs 17,404 crore in overall premiums and income from investments grew to Rs 3.35 lakh crore in the April-September 2021 period.
The overall income from investments grew Rs 15,726 crore to Rs 1.49 lakh crore in H1FY22, the insurer said.
Income from interest, dividends and rent (gross) grew to Rs 10,178 crore in H1FY22. Income from profit on sale/redemption of investments increased to Rs 10,965 crore.
LIC's share capital has been increased to Rs 6,325 crore in H1 FY22 on the eve of its IPO.
In the reporting period, the life insurer reported an increase of Rs 7,262 crore in the total premium to Rs 1.13 lakh crore for individual life (non-linked).
The total premium in individual pension (non-linked) grew Rs 4,432 crore to Rs 5,636 crore; and that of the group (non-linked) grew Rs 90 crore to Rs 66,295 crore, it said.
The total premium in individual life (linked) increased Rs 737.08 crore to Rs 1,085 crore.
The insurer's net retention ratio stood at 99.88 per cent in H1FY22.
Investments of policyholders have grown Rs 5.9 lakh crore to Rs 37.72 lakh crore in the first half of FY22. Investments of shareholders grew Rs 56.17 crore to Rs 6,311 crore, it said.
The 13th month persistency ratio (premium basis) stood at 78.18 per cent and the solvency ratio stood at 183.37 per cent in April-September 2021.
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