Life Insurance Corporation
HDFC Life logs Rs 326.23 crore profit in Q2
The company said it had earned a net premium of Rs 13,110 crore (Rs 11,443 crore in Q2FY22) and an after tax profit of Rs 326.24 crore (Rs 274.16 crore) for Q2FY23. During the period under review, the company's net investment income stood at Rs 9,782.62 crore (Rs.8,873.38 crore).
Government invites bids for strategic disinvestment in IDBI Bank
As per the bid details issued by the Department of Investment and Public Asset Management (DIPAM), LIC will cut its stake in IDBI Bank to 19 per cent from 49.2 per cent, while the government will cut its share to 15 per cent from 45.5 per cent at present. According to the conditions of the EoI, private sector banks, non-banking finance companies (NBFCs), foreign banks and even alternative investment funds registered by SEBI can bid for IDBI Bank.
LIC Housing Finance increases lending rate by 50 bps
Commenting on this lending rate revision, MD & CEO Y. Viswanatha Gowd said: "Interest rate hike is in line with the prevailing market condition. We expect this trend to stabilise soon. We are taking care to price our products adequately so that the EMI outgo for our customers remains reasonable.
Govt-owned general insurers shun their offspring, favour private TPAs
Even after floating a health insurance claims processing company, Health Insurance TPA of India Ltd (HITPA), the four non-life insurance companies palm out their health insurance claims processing work to others - including to a company whose licence was revoked by the sectoral regulator - and not to their own. The strange ways of the four government-owned insurers - The Oriental Insurance Company Ltd, National Insurance Company Ltd, The New India Assurance Company Ltd and United India Insurance Company Ltd - have been frowned upon by the Comptroller and Auditor General of India (CAG).
LIC Mutual Fund's large and mid cap funds offer 12.49% CAGR since inception
As on July 31, 2022, the compounded annual growth returns performance of LIC MF large and mid cap fund under regular (G) option, for different periods -- 5 years, 3 years and 1 year -- stood at 11.44 per cent, 18.83 per cent and 9.16 per cent, respectively. The funds have Rs 1.17 lakh crore of net assets under management as on July 31, 2022. While LIC MF large and mid cap funds AUM stood at Rs 1,831.26 crore.
LIC posts Rs 682 cr PAT, ranks 98 in Fortune 500 list
According to LIC, it closed the three months period ending June 30, with a net profit of Rs 682.88 crore on a total premium income of Rs 98,352 crore (previous year Q1 Rs 81,721 crore). The company said its overall market share by First Year Premium Income increased to 65.42 per cent for the quarter ended June 30, as compared to full year market share of 63.25 per cent for FY 2021-22. The market share by First Year Premium Income for the quarter ended June 30, 2021 was 67.52 per cent.
LIC Housing Finance PAT rises to Rs 925.48 crore in Q1FY23
The net interest income of the housing finance company rose by 26 per cent to Rs 1,610.19 crore, as compared to Rs 1,275.31 crore for the same period in the previous year. Net interest margin for the quarter stood at 2.54 per cent, as against 2.20 per cent the previous year. Total revenue of the company grew 9 per cent to Rs 5,285.46 crore in the current quarter.
LIC's embedded value estimated at Rs 5,414.9 billion
The embedded value in the case of a life insurance company is the current value of the company's future profits. According to LIC officials, the IEV has been determined at Rs 541,492 crore (Rs 5,414.9 billion) as compared to Rs 95,605 crore (Rs 956 billion) as on March 31, 2021 and Rs 539,686 crore (Rs 5,397 billion) as on September 30, 2021.
Investors lose Rs 1.2 lakh cr as LIC shares tumble 20% below issue price
The government had offloaded 3.5 per cent of its stake through the IPO route. The IPO valued LIC at Rs 6 lakh crore. At the time of writing this report, the company's market capitalisation was at around Rs 4.8 lakh crore, which essentially means the investors have lost worth Rs 1.2 lakh crore recently.
LIC Q4 net profits down 17% YoY, announces Rs 1.5 dividend for FY22
The insurance company's consolidated income from net premium income during the quarter rose nearly 18 per cent to Rs 144,158 lakh crore, the earnings report shared with the exchanges showed. This is the first earnings results reported by the company after it went public on the exchanges earlier this month. It has recommended a dividend of Rs 1.5 per equity share for FY22, which is subject to approval of shareholders in the annual general meeting, the filing said. The shares of the much-awaited LIC made a weak listing on the stock exchanges on May 17. It listed on the stock exchanges at a discount of 8.62 per cent at Rs 867, from its IPO issue price of Rs 949.
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