LIC Q2: Insurer witnesses large soar in internet revenue to Rs 15,952 cr in Sept quarter from Rs 1,433 cr in FY22

Life Insurance coverage Company (LIC), the most important insurance coverage firm within the nation, reported an enormous internet revenue of Rs 15,952 crore for the quarter ended September 30, 2022 (Q2 FY23), from Rs 1,433 crore in the identical interval final yr. The insurance coverage large recorded a internet revenue of simply Rs 682.9 crore within the June quarter.  

As per its submitting on Friday, the corporate has stated that the huge surge is because of change in its accounting coverage.   

Its first-year premium, which exhibits enterprise development, was at Rs 9,124.7 crore for the September quarter in contrast with Rs 8,198.30 crore a yr in the past. 

The online premium earnings was at Rs 1.32 lakh crore this quarter as in comparison with Rs 1.04 lakh crore within the year-ago interval.  

LIC’s renewal premium rose 2 per cent to Rs 56,156 crore, whereas single premium elevated 62 per cent to Rs 66,901 crore. 

Emkay World had predicted that LIC will report a 19 per cent YoY drop in internet revenue this quarter in contrast with Rs 1,504 crore within the corresponding quarter final yr.  

It added that APE will develop 15 per cent YoY to Rs 13,286.50 crore from Rs 11,548.80 crore, whereas VBN will rise 17 per cent YoY to Rs 1,854.10 crore from Rs 1,583 crore. The VBN margin was predicted at 13.95 per cent, up 24 bps over 13.71 per cent YoY. 

The corporate’s inventory ended 1.17 per cent greater at Rs 628.05 on BSE on Friday forward of the outcomes. 

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