LIC experiences Rs 15,952 crore Q2 revenue

Life Insurance Corporation of India (LIC) has reported an unaudited, standalone web revenue of Rs 15,952 crore for the quarter ended September 2022 as in opposition to Rs 1,433.71 crore in the identical interval a 12 months in the past.

According to an announcement filed with the inventory exchanges by LIC, change in accounting coverage 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 end result, the revenue for the quarter and half 12 months ended September 30, 2022 has elevated 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 stated within the evaluate.

It has made an extra provision of Rs. 11,543.75 crore in the direction of staff retirement advantages as a result of wage revision which has turn out to be due with impact from August 1, 2022.

The “outstanding unclaimed amounts/ deposits” and “Interest accrued on unclaimed amounts” aggregating to Rs 21,283.14 crore doesn’t match with the “assets pertaining to unclaimed amounts” of Rs 21,749.28 crore, the assertion stated.

The whole earnings was Rs 222,215 crore for the September quarter as in opposition to Rs 186,276 crore a 12 months in the past, it stated.