On Saturday, the insurance giant reported a sharp rise in its June-quarter net income to 682.89 billion. On a sequential basis, the insurer’s net income declined from ₹2,371 billion in the March quarter 2022. Total revenues for the first quarter of fiscal 23 were 1.68 ₹.881 crore compared to ₹1,54,153 crore in the same period last year and ₹2,11,451 crore in the March quarter.
For the quarter ended June 2022, LIC reported a 20.35% increase in total premiums written to £98,352 billion compared to £81,721 billion in the corresponding period last year. On an annualized premium equivalent (APE) basis, total premium for the quarter was £10,270m. Of this, 62.80% (₹ 6,450 crore) was accounted for by individual business and 37.20% (₹ 3,819 crore) by group business.
During the quarter, assets under management (AUM) increased to 41.02 lakh crore compared to 38.13 lakh crore in the first quarter of FY22, an increase of 7.57% on an annualized basis.
As of June 2022, LIC had an agency strength of 1.33 million, compared to 1.34 million as of June 30, 2021. The percentage of agents working in rural areas was 48%, while the remaining 52% worked in urban areas .
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