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The LIC is grateful to all its policyholders and stakeholders who have reposed their faith in LIC for almost seven decades, the LIC said in a statement.
The Board of Directors of Life Insurance Corporation of India (“LIC”) approved the standalone and consolidated financial results for the year ended March 31, 2022.
As per the key highlights of standalone results, for the year ended March 31, 2022, LIC registered an increase of 6.1 per cent in the Net Premium Income at Rs 4,27,419 crore as compared to Rs 4,02,844 crore in the previous financial year ended
March 31, 2021.
The Profit after Tax (PAT) for the full year ended March 31, 2022 was Rs 4,043.12 crore as against Rs 2,900.57 crore for the year ended March 31, 2021, thereby registering an increase of 39.39 per cent.
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The Earnings Per share (EPS) for the financial year 2021-22 was Rs 6.39 per share.
The Yield on Investments on policyholders funds excluding unrealized gains was 8.55 per cent for period ended March 31st, 2022 as against 8.69 per cent for year ended March 31, 2021.
The Net NPAs in the policyholders fund declined to 0.04 per cent for the year ended March 31, 2022 as compared to 0.05 per cent for the previous year ended March 31, 2021.
The solvency ratio for the year ended March 31, 2022 was 1.85 as against 1.76 for the period ended March 31, 2021.
For the year ended March 31, 2022, the persistency ratios for the 13th month, 25th month, 37th month, 49th month and 61st month were 75.59 per cent, 73.47 per cent, 66.58 per cent, 63.85 per cent and 61.00 per cent respectively.
The Board of Directors have also recommended a dividend of Rs 1.50 per share translating to a dividend payout of Rs 948.75 crore which aggregates to about 23.46 per cent of PAT.
Though the year started on a muted note due to the Covid-19 pandemic, LIC was able to increase its marketing activities and ended the year with significant growth of 18.70 per cent in the quarter of January to March 2022 in Individual First year premium Income as compared to the corresponding quarter last year.
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