New Zonal Manager of LIC
J S Tolia has taken charge as the new zonal manager in charge, LIC of India, Eastern Zone. Mr Tolia Joined LIC in 1989 as direct recruit officer.
Life Insurance Corporation of India (LIC) on Friday posted a 3.8% fall in second-quarter profit as it paid out higher benefits. However, the new business margins for the half-year expanded.
LIC’s profit after tax fell to 76.21 billion rupees ($903.6 million) for the quarter ended September from 79.25 billion rupees a year earlier.
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The net premium income rose 11.6% to 1.20 trillion rupees but the net benefits paid by the insurer to policyholders climbed 17% to 975.62 billion rupees during the quarter.
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LIC’s solvency ratio, the measure of an insurer’s ability to meet its long-term debt obligations, rose to 1.98 during the quarter from 1.90 a year earlier.
Its net value of new business (VNB), which measures expected profit from new premiums, jumped 37.7% year-over-year for the April-September period.
The VNB margin for the period rose to 16.2% from 14.6% a year ago.
Insurer’s Gross Non-Performing Assets (GNPA) was reported at 1.72% during the second quarter against 1.95 percent quarter-on-quarter.
It reported a 2.43% GMPA in the same period a year ago.
Within the individual business, the share of Par products on an APE basis was 73.69% (Rs 13,385 crore), and the balance of 26.31% (Rs 4,778 crore) was from non-par products.
The individual non-par APE increased to Rs 4,778 crore in the first half of the current fiscal, up by over 200% YoY.
Shares of LIC traded under pressure in Friday’s trade. The counter settled in the red at Rs 915.55 per share on the NSE, down 1.52%.
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