The state-owned insurance behemoth Life Insurance Corporation of India (LIC) of India made a profit of 42,000 crore from its stock market investments in FY22, compared to 36,000 crore in 2020-21. LIC is India’s largest asset manager, with close to 42 trillion dollars in assets under management, as well as the country’s largest domestic stock market investor. It invests about 25% of its assets in Indian equities, according to Raj Kumar, LIC’s managing director, who spoke to the media the day after the company’s financials were released.
Because the insurance began reporting quarterly profits in September 2021, Kumar stated the figures for the fourth quarter of FY22 were not comparable to the previous year’s period. “The profit from the prior year is for the entire year, but because it was declared in the last quarter alone, it appears in the Q4 filing, but it is for the entire year.” As a result, Q4 FY22 and Q4 FY21 are not directly comparable. It should be evaluated on a year-over-year basis, with a growth rate of 39.39 per cent,” Kumar said, adding that the quarterly data for June 2022 will not be comparable to the same quarter’s previous fiscal year.
LIC made a profit of 4,043.12 crore in FY22, compared to 2,900.57 crore the previous year. “Comparable data will be accessible beginning in the September quarter of this year,” Kumar said. LIC also refused to reveal its most recent Indian embedded valuation statistic for the quarter ending March 31. The management stated that it is working on calculating the Indian embedded valuation, new business value, and new business margin, which is expected to be finished by June 30.
LIC stated that its inherent valuation was $5.39 trillion prior to its initial public offering. “We’re deploying a new IT solution for calculating IEV, and we need to double-check all of the data to make sure the new system is flawless, despite the fact that the two previous data sets (September and December) completely matched our obligations.” There are 285 items in our catalogue. We must double-check the data consistency for each product. As a result, we’re taking a bit longer. “From now on, we’ll do it concurrently with the conclusion of the financial accounts,” Kumar said.
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