LIC earned web fee of Rs 8,428.5 crore for the final quarter of economic 12 months 2022-23, rising 5.4 p.c over the year-ago interval, and exhibiting an enormous 33.4 p.c improve in comparison with earlier quarter.

Life Insurance Corporation of India recorded a standalone web revenue of Rs 13,427.8 crore for the quarter ended March FY23, rising 466 p.c over the corresponding interval within the final fiscal.

The standalone web revenue for the March FY22 quarter stood at Rs 2,371.5 crore, in keeping with an change submitting from the nation’s largest insurer on May 24. The sequential progress in revenue was 112 p.c.

Standalone web premium earnings fell by 8.3 p.c year-on-year to Rs 1.31 lakh crore for March FY23 quarter, however on a sequential foundation, the mentioned premium earnings elevated by 17.9 p.c.

“The first year premium fell by 12.33 percent on-year to Rs 12,811.2 crore, but the renewal premium increased by 6.8 percent to Rs 76,009 crore compared to year-ago period,” the life insurance coverage main mentioned in its submitting to exchanges on May 24.

LIC earned web fee of Rs 8,428.5 crore for the final quarter of economic 12 months 2022-23, rising 5.4 p.c over year-ago interval, and exhibiting an enormous 33.4% improve in comparison with earlier quarter.

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The thirteenth month persistency ratio, which signifies policyholder loyalty, elevated to 70.16 p.c for the quarter ended March FY23, from 69.24 p.c a year-ago interval. This means increased policyholders are sticking with LIC past one 12 months, however twenty fifth month persistency ratio fell to 63.84 p.c in Q4FY23, from 68.23 p.c in corresponding interval final fiscal.

LIC’s solvency ratio in March FY23 quarter was at 1.87, which got here in increased in comparison with 1.85 in Q4FY22 in addition to Q3FY23.

The firm mentioned its board has really useful last dividend of Rs 3 per share FY23.