LIC reports 3.51% growth in profit after tax for H1 FY 2024

Mumbai, Nov 11: The Board of Directors of Life Insurance Corporation of India (LIC) has approved and adopted the standalone and consolidated financial results for the six months ending September 30.

A statement said that the key highlights of the standalone results are as follows: Profit After Tax (PAT) for the half year ended September 30th, 2024 was Rs. 18,082 crore, up 3.51% from Rs. 17,469 crore in the same period last year.

LIC continues to be the market leader in the Indian life insurance business, with an overall market share of 61.07% for the half year ended September 30th, 2024, up from 58.50% in the same period last year.

Total Premium Income for the six months ended September 30th, 2024 grew by 13.56% to Rs. 2,33,671 crore from Rs. 2,05,760 crore in the previous year. Individual New Business premium income increased by 17.29% to Rs. 29,538 crore, while Individual Renewal premium income grew by 5.07% to Rs. 1,15,158 crore. Group Business’s total premium income surged by 25.36% to Rs. 88,975 crore. The number of individual policies sold during the period increased by 13.77% to 91,70,420. Annualized Premium Equivalent (APE) grew to Rs. 28,025 crore, with the Individual Business accounting for 64.81% and the Group Business contributing 35.19%.

The Value of New Business (VNB) increased by 37.74% to Rs. 4,551 crore, and the Net VNB margin improved by 160 bps to 16.2%.