Latest news with #SiddharthaMohanty
United News of India
29-05-2025
- Business
- United News of India
LIC receives BSI Certification
Hyderabad, May 29 (UNI): LIC of India, the leading Public sector Insurer, has been awarded the ISO 22301:2019 Business Continuity Management System (BCMS) certification from the British Standards Institution (BSI). The ISO 22301:2019 BCMS accreditation recognises the Insurer's ability to maintain robust business continuity practices, ensure uninterrupted services even during unforeseen disruptions, and effectively manage risk, the insurance company said in a release on Thursday. ISO 22301:2019 is an international benchmark for business continuity management, focusing on minimizing operational disruptions and ensuring swift recovery in times of crisis. Achieving this certification enhances LIC's reputation as a resilient organisation that is well-prepared to ensure continuity of services even in the face of unexpected challenges that may arise and serve customers seamlessly. Speaking on this milestone, Siddhartha Mohanty, CEO & Managing Director, LIC said, " Receiving the prestigious ISO 22301:2019 certification stands as a testament to our commitment to ensuring business continuity in the face of any disruptive events and safeguarding the interests of our stakeholders, further strengthening confidence in LIC." "Security and resilience have always been central to LIC's operational philosophy," stated Tablesh Pandey, Managing Director, LIC. "Achieving ISO 22301 certification underscores our unwavering dedication to safeguarding the interests of millions of policyholders by ensuring secure, uninterrupted services, and consistently enhancing our preparedness against disruptions," Pandey added . UNI KNR BD
The Print
28-05-2025
- Business
- The Print
LIC Q4 profit jumps 38% to Rs 19,013 cr; decision on health insurer stake buy in 2-3 mths
The total income of the insurer during the reporting quarter declined to Rs 2,41,625 crore from Rs 2,50,923 crore in the same period of the preceding fiscal, LIC said in a regulatory filing. The country's biggest insurer had earned a profit of Rs 13,763 crore in the corresponding quarter a year earlier. New Delhi, May 27 (PTI) State-owned insurer Life Insurance Corporation of India (LIC) on Tuesday posted a 38 per cent increase in net profit to Rs 19,013 crore in the fourth quarter ended March 2025 helped by lower expenses. LIC's income from first-year premium also moderated to Rs 11,069 crore in the January-March quarter against Rs 13,810 crore in the same period of the preceding fiscal. However, the income from renewal premiums in the reporting period rose to Rs 79,138 crore compared to Rs 77,368 crore a year ago. At the same time, expenses of management came down to Rs 16,495 crore from Rs 24,709 crore in the same period a year ago. 'The year 2024-25 was a very exciting and challenging year for our business. After registering a very strong performance in the first six months, we had to redesign and relaunch products to comply with regulatory changes,' LIC MD and CEO Siddhartha Mohanty said during media interaction post-announcement of financial numbers. Asked about updates on picking up stakes in a standalone health insurer, he said the process is in the 'advanced stage' and the proposal would be taken to the board in 2-3 months. The board would take a call on the quantum of stake buy and other details, he said, adding other modalities including regulatory approvals would follow thereafter. During the entire financial year ended March 2025, the insurer earned a profit of Rs 48,151 crore compared to Rs 40,676 crore in the previous fiscal, registering a growth of 18 per cent. Total income during the financial year rose to Rs 8,84,148 crore as against Rs 8,53,707 crore in the previous financial year. The board recommended a final dividend of Rs 12 per equity share for the financial year ended March 31, 2025, subject to shareholders' approval in the ensuing Annual General Meeting (AGM). During the year, the insurance company invested Rs 1.85 lakh crore in equities registering a growth of 41 per cent while it earned Rs 73,000 crore as return from its investment. As regards corporate bonds, LIC purchased securities worth Rs 80,000 crore during FY25 and investment in the current year would depend on market condition and supply. In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), he said, LIC continues to be the market leader by market share in the Indian life insurance business with an overall market share of 57.05 per cent. For the year ended March 31, 2025, LIC had a market share of 37.46 per cent in individual business and 71.19 per cent in group business. The Assets Under Management (AUM) increased to Rs 54,52,297 crore as of March 31, 2025, as compared to Rs 51,21,887 crore on March 31, 2024, registering an increase of 6.45 per cent year on year. The amount of bonus allocated to policyholders is Rs 56,190.24 crore for the financial year 2024-25 as against Rs 52,955.87 crore for the previous financial year 2023-24. The Solvency Ratio as on March 31 2025 increased to 2.11 as against 1.98 on March 31, 2024. The Value of New Business (VNB) for the year ended March 2025 was Rs 10,011 crore as compared to Rs 9,583 crore in FY24, registering a growth of 4.47 per cent. The net VNB margin for FY25 increased by 80 bps to 17.6 per cent as compared to 16.8 per cent for the year ended March 31, 2024. After the launch of Bima Sakhi Yojana by Prime Minister Narendra Modi on December 9, 2024, LIC has appointed 1,48,888 Bima Sakhis till March 31, 2025, who have sold 4,71,120 policies and have procured New Business Premium of Rs 604.57 crore during the financial year ended March 31, 2025, he said. He also said LIC has achieved the Guinness World Record Title for the 'Most Life Insurance Policies sold in 24 hours' by selling 5,88,107 policies across India on January 20, 2025. PTI DP DP MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
28-05-2025
- Business
- Time of India
LIC shares in focus after Q4 profit jumps 38%, dividend declaration
Shares of Life Insurance Corporation (LIC) are set to be in focus on Wednesday after the state-insurer posted a 38% year-on-year (YoY) jump in consolidated net profit to Rs 19,039 crore for the March quarter and announced a final dividend of Rs 12 per share for FY25, underlining its improved profitability and capital strength. On a sequential basis, LIC's profit rose 73% from Rs 11,009 crore in the December quarter. The state-run insurer also posted an 18% rise in full-year profit and saw improvements in key financial metrics such as assets under management and solvency ratio. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Xu hướng tủ lạnh 2025: Chọn lựa thông minh với giá cả hợp lý LocalPlan Undo The insurer's net premium income for the quarter fell 3.2% YoY to Rs 1,47,917 crore, down from Rs 1,52,767 crore a year ago, but rose 38% sequentially from Rs 1,07,302 crore in Q3FY25. FY25 earnings improve For the full year ended March 31, 2025, LIC reported a consolidated profit after tax of Rs 48,151 crore, up 18% YoY. The insurer's total premium income rose to Rs 4,88,148 crore from Rs 4,75,070 crore in FY24. The individual business premium climbed to Rs 3,19,036 crore, while the group business premium slightly declined to Rs 1,69,112 crore. Live Events LIC sold 1.77 crore policies in the individual segment during FY25, lower than the 2.03 crore policies sold in the previous year. The insurer's assets under management (AUM) increased by 6.45% to Rs 54,52,297 crore, while the solvency ratio improved to 2.11 from 1.98. On an Annualized Premium Equivalent (APE) basis, the total premium stood at Rs 56,828 crore, with 67.25% of it coming from the individual business. Within this, participating (Par) products made up 72.31% while non-participating (Non Par) products accounted for 27.69%. The Non Par APE grew sharply by 50.28% year-on-year to Rs 10,581 crore. Siddhartha Mohanty, CEO & MD of LIC, said FY25 was both "exciting and challenging" for the company. 'After registering a very strong performance in the first six months, we had to redesign and relaunch products to comply with regulatory changes,' he said. 'We have achieved Individual New Business Premium of Rs 62,495 crore, in a single year. Second, our Net VNB for the year is Rs 10,011 crore, i.e. over Rs 10,000 crore for the first time. Third, our VNB margin is steadily on the rise, reaching 17.6% as at 31st March 2025. Fourth, our strategy to increase Non Par share is further getting consolidated. This year, Non Par APE share within the individual business has risen to 27.69%. Finally, we are proud to say that we have declared bonus of Rs 56,190.24 crore to policyholders. We are thankful to all our stakeholders for their support and faith in us,' Mohanty added. Shares of LIC closed 0.1% higher at Rs 871.05 on the BSE on Tuesday. Also read | Is the recent dip in Indian indices simply a bull market correction?
Time of India
27-05-2025
- Business
- Time of India
LIC Q4 profit soars 38% to Rs 19,013 crore; stake acquisition in health insurer to be decided in 2-3 months
Life Insurance Corporation of India (LIC), the country's largest insurer, has reported a robust 38% rise in its net profit to Rs 19,013 crore for the fourth quarter ending March 2025, compared to Rs 13,763 crore in the same period last year. The surge in profit was attributed to a reduction in management expenses. However, the insurer's total income in Q4 saw a decline, dropping to Rs 2,41,625 crore from Rs 2,50,923 crore in the previous fiscal quarter, PTI reported. Despite a slowdown in first-year premium income, which stood at Rs 11,069 crore (down from Rs 13,810 crore in Q4 FY24), LIC experienced a rise in renewal premiums, which increased to Rs 79,138 crore from Rs 77,368 crore last year. LIC's management expenses also witnessed a significant reduction, falling to Rs 16,495 crore from Rs 24,709 crore in the same quarter last year. Siddhartha Mohanty, LIC's MD & CEO, remarked, "The year 2024-25 was both exciting and challenging for our business. After a strong first half, we had to redesign and relaunch products to comply with regulatory changes." On the subject of potential acquisitions, Mohanty stated that LIC is in the 'advanced stage' of discussions regarding acquiring a stake in a standalone health insurer. The final proposal is expected to be presented to the board in the next 2-3 months. For the entire financial year ending March 2025, LIC posted a profit of Rs 48,151 crore, an 18% increase from Rs 40,676 crore in FY24. The insurer's total income for the year climbed to Rs 8,84,148 crore, up from Rs 8,53,707 crore in the previous fiscal year. LIC's board has recommended a final dividend of Rs 12 per equity share for FY25, subject to shareholder approval at the upcoming Annual General Meeting (AGM). The company made significant investments during the year, with Rs 1.85 lakh crore invested in equities, a 41% growth. Additionally, LIC purchased Rs 80,000 crore worth of corporate bonds and plans to continue investments depending on market conditions. In terms of market leadership, LIC maintained a dominant position, with a market share of 57.05% based on First Year Premium Income (FYPI), as per the Insurance Regulatory and Development Authority of India (IRDAI). The company holds a 37.46% market share in individual business and 71.19% in group business. LIC's Assets Under Management (AUM) increased by 6.45%, reaching Rs 54,52,297 crore as of March 31, 2025, compared to Rs 51,21,887 crore the previous year. The insurer allocated a total bonus of Rs 56,190.24 crore to policyholders for FY25, compared to Rs 52,955.87 crore in FY24. Additionally, LIC's Solvency Ratio stood at 2.11, up from 1.98 the previous year, reflecting the insurer's financial strength. The Value of New Business (VNB) also saw a healthy growth of 4.47%, reaching Rs 10,011 crore in FY25. LIC launched the Bima Sakhi Yojana in December 2024, which has since led to the appointment of 1,48,888 Bima Sakhis who sold over 4.7 lakh policies. Furthermore, the company set a Guinness World Record in January 2025 for selling 5,88,107 policies in just 24 hours across India. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Hindu
27-05-2025
- Business
- The Hindu
LIC Q4 surges 38% to ₹19,013 cr, declares ₹12 dividend
Life Insurance Corporation of India (LIC) reported standalone net profit for the March quarter increased more than 38% to Rs.₹19,012.79 crore from the ₹13,762.64 crore a year earlier. The net profit came on a decline in net premium income to ₹1,47,585.56 crore (₹1,52,293.13 crore). Sequentially, it was an increase – LIC had posted ₹1,06,891.48 crore in the quarter ended December. For 2024-25, net profit rose almost 19% to ₹48,151.17 crore (₹40,675.79 crore). Total premium income stood at ₹4,88,148 crore (₹4,75,070 crore). LIC sold more 1,77,82,975 policies in the individual segment during the fiscal as against 2,03,92,973 in the previous fiscal. The insurer has declared a final dividend of ₹12 per equity share (of ₹10 each) for the fiscal. July 25, 2025 has been fixed as the record date for the purpose of ascertaining eligibility of shareholders for the dividend. Financial year 2024-25 was a 'very exciting and challenging year for our business. After registering a very strong performance in the first six months, we had to redesign and relaunch products to comply with regulatory changes,' CEO and MD Siddhartha Mohanty said. To queries on the proposed foray into health insurance, he said the plan to enter the segment by acquiring a stake in a standalone health insurer remains. The 'work is going on' and within 2-3 months LIC Board will take a call, he said, declining to share additional information. Mr. Mohanty said during the fiscal LIC achieved many milestones, including Individual New Business Premium of ₹62,495 crore. The net VNB was ₹10,011 crore, the first time it crossed over ₹10,000 crore. The VNB margin is steadily on the rise, reaching 17.6% as on March 31. The insurer's strategy to increase non par share is further getting consolidated. LIC has declared bonus of ₹56,190.24 crore to policyholders, he said. 57.05% market share The company said in terms of market share, measured by first year premium income, it continued to be leader with a market share of 57.05%.
