Life Insurance Corporation of India (LIC) has reported an unaudited, standalone net profit of Rs 15,952 crore for the quarter ended September 2022 as against Rs 1,433.71 crore in the same period a year ago.
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According to a statement filed with the stock exchanges by LIC, change in accounting policy resulted in “transfer of the accretion in the available solvency margin from non-participating (non-par) to shareholders funds amounting to Rs 14,271.80 crore (net of tax) pertaining to the accretion on the available solvency margin from non-par to shareholder’s account”.
As a result, the profit for the quarter and half year ended September 30, 2022 has increased to that extent. “The said amount comprises Rs 5,580.71 crore of quarter ended September 2022, Rs 4,148.77 crore of quarter ended June 2022 and Rs 4,542.30 crore of quarter ended March 31, 2022,” auditors said in the review.
It has made an additional provision of Rs. 11,543.75 crore towards employees retirement benefits due to the wage revision which has become due with effect from August 1, 2022.
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The “outstanding unclaimed amounts/ deposits” and “Interest accrued on unclaimed amounts” aggregating to Rs 21,283.14 crore does not match with the “assets pertaining to unclaimed amounts” of Rs 21,749.28 crore, the statement said.
The total income was Rs 222,215 crore for the September quarter as against Rs 186,276 crore a year ago, it said.
