Life Insurance Corporation of India (LIC) has reported unaudited standalone net profit of Rs.15,952 crore for the quarter ended September 2022 compared to Rs.1,433.71 crore for the same period last year.
According to a statement filed by LIC with the bourses, the change in accounting policy resulted in a “transfer of Rs 14,271.80 crore (after tax) increase in available solvency margin from non-par) funds. in relation to the write-up to the available solvency margin from the nominal amount to the shareholder’s account”.
As a result, earnings for the quarter and half year ended September 30, 2022 increased by this amount. “The said amount includes Rs 5,580.71 crore for the quarter ended September 2022, Rs 4,148.77 crore for the quarter ended June 2022 and Rs 4,542.30 crore for the quarter ended 31 March 2022,” the auditors said in the Examination.
It made an additional provision of Rs. 11,543.75 crore for staff pensions as a result of the pay review which became due on 1 August 2022.
The ‘outstanding unclaimed amounts/deposits’ and ‘accrued interest on unclaimed amounts’ of Rs.21,283.14 crore do not match the ‘assets related to unclaimed amounts’ of Rs it in the statement.
Total revenue for the September quarter was Rs 222,215 crore compared to Rs 186,276 crore a year ago, it said.
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