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MUMBAI: Life Insurance coverage Company (LIC) has reported a web revenue of Rs 683 crore for the quarter ended June 2022 in comparison with Rs 2. 6 crore within the corresponding quarter of the earlier 12 months. However the numbers will not be comparable because the company was not making ready quarterly ends in earlier years. Previous to its IPO within the first quarter, the accounting insurance policies of the company had modified.
On a sequential foundation, the company’s web revenue was down from Rs 2,371 crore for the quarter ended March 2022. The worth of recent enterprise margin, which displays the profitability of merchandise offered through the quarter, slipped to 13. 6% from 15. 1%.
Company officers stated that this was largely due to a change in product combine as funded group insurance policies had a decrease margin compa- pink to particular person merchandise. An enchancment in assumptions partly offset the discount in margin because of a change in product combine.
Asserting the outcomes on Friday, LIC chairman M R Kumar stated, “We’re optimistic that development in new enterprise will likely be good, Covid has nearly vanished and all our brokers are again to work. We’ve got launched a few non-par merchandise and we now have extra non-par merchandise than par merchandise”.
Within the first quarter, the company made gross fairness investments of Rs 46,444 crore and gross sales of Rs 12,448 crore, leading to a web funding of Rs 34,000 crore. The company’s belongings beneath administration stood at Rs 41 lakh crore — a 7. 6% improve over Rs 38. 1 lakh crore at finish of the corresponding quarter of the earlier fiscal.
On a sequential foundation, the company’s web revenue was down from Rs 2,371 crore for the quarter ended March 2022. The worth of recent enterprise margin, which displays the profitability of merchandise offered through the quarter, slipped to 13. 6% from 15. 1%.
Company officers stated that this was largely due to a change in product combine as funded group insurance policies had a decrease margin compa- pink to particular person merchandise. An enchancment in assumptions partly offset the discount in margin because of a change in product combine.
Asserting the outcomes on Friday, LIC chairman M R Kumar stated, “We’re optimistic that development in new enterprise will likely be good, Covid has nearly vanished and all our brokers are again to work. We’ve got launched a few non-par merchandise and we now have extra non-par merchandise than par merchandise”.
Within the first quarter, the company made gross fairness investments of Rs 46,444 crore and gross sales of Rs 12,448 crore, leading to a web funding of Rs 34,000 crore. The company’s belongings beneath administration stood at Rs 41 lakh crore — a 7. 6% improve over Rs 38. 1 lakh crore at finish of the corresponding quarter of the earlier fiscal.
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