“A meeting of the Board of Directors of the Corporation is scheduled to be held on May 24th, 2023, to consider and approve the Audited Financial Results (standalone and consolidated) for the quarter and year ended on March 31 2023,” the company said in a filing. In the third quarter, LIC posted multi-fold growth in consolidated net profit at Rs 8,334 crore.
The insurer’s Q3FY23 gross premium income rose 14.6% YoY to 1.12 lakh crore, driven by a 31.2% YoY increase in single premium, a 10.8% rise in first-year premium, and a 5.9% uptick in renewal premium.
Gross VNB margin for individual business in 9MFY23 was 20%, up from 19.96% in FY22, primarily due to a slight improvement in par business. In the individual business, on an APE basis, the share of non-par business increased to 9.45% for the nine months ended December 2022.
LIC recently underwent a leadership change as the Union government appointed Siddhartha Mohanty as the chairman of the company until June next year.
In February 2021, Mohanty became the managing director. Mohanty began his career at LIC as a direct recruit officer in 1985, and gained experience in various departments — marketing, HR, investments, legal, and personnel. Before taking over as MD of LIC, he was MD and CEO of LIC Housing Finance.
LIC has an equity portfolio of about Rs 10 lakh crore, with investments in as many as 273 stocks. During the March quarter, LIC raised investments in IRB Infra, Infosys, Asian Paints, RIL, Maruti Suzuki, TCS, Tech Mahindra Dr Reddy’s Lab, GAIL and Container Corporation of India, shows PRIME Database records.On the other hand, the insurance giant lowered its bet on NMDC, L&T, HUL, NTPC, HDFC, Ultratech Cement, Sun Pharma, UPL, Power Grid and Hindalco
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