Life Insurance Corp. of India's profit increased during the fourth-quarter of the financial year-ended March.
The country's largest insurer saw its net profit rise 2.5% year-on-year to Rs 13,763 crore in the quarter-ended March, according to an exchange filing.
LIC Q4 FY24 Results Highlights
Net premium income rose 15.6% YoY to Rs 1.52 lakh crore.
Net profit up 2.5% YoY to Rs 13,763 crore.
Annualised Premium Equivalent grew 11% YoY to INR 21,180 crore vs INR 19,137 crore.
Value of New Business declined 1% YoY from INR 3678 crore to INR 3645 crore.
VNB margins declined to 17.2% from 19.2% YoY, down 200bps.
Indian Embedded Value rose 25% YoY to INR 7.27 lakh crore vs INR 5.82 lakh crore.
The management, as part of its commentary, highlighted a notable increase in the share of non-par products, aiding the VNB margin number for FY24. The VNB margins for FY24 rose 60 bps vs. FY23. Non-par products as part of the overall mix rose to over 18% from below 10% during listing. The insurer has guided for topline growth in FY25, supported by stronger margins, driven by a higher share of non-par. The management expects the non-par mix to be over 20% in the next 1-2 years.
The company also noted positive traction in larger ticket size policies, with significant growth in policies exceeding INR 5 lakh in sum insured. Policies with a sum insured above INR 5 lakh rose from 10% to 13% YoY.
LIC bought equity worth approx. INR 1.3 lakh crore in FY24, remaining flat YoY, while profits from equity investments amounted to approx. INR 60,000 crore. Corporate bond investments increased by 52% YoY to approx. INR 78,000 crore.
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