After a market surge ahead of the Lok Sabha election results, the total assets managed by Life Insurance Corporation (LIC) have now exceeded Rs 50 lakh crore ($614.

After a market surge ahead of the Lok Sabha election results, the total assets managed by Life Insurance Corporation (LIC) have now exceeded Rs 50 lakh crore ($614.21 billion), about double the amount of Pakistan's GDP. In an exchange filing, the massive state-owned insurance company revealed its Q4 FY24 financial results on May 27. As of the end of March, LIC's assets under management (AUM) had increased by 16.48% year over year (YoY) to Rs 51,21,887 crore ($616 billion), up from Rs 43,97,205 crore at the end of the previous fiscal year FY23, according to the stock exchange filing. In the meantime, the International Monetary Fund (IMF) estimates that Pakistan's GDP is around $338.24 billion. LIC has an AUM (assets under management) of $616 billion, which is nearly twice as much as the GDP of Pakistan. Additionally, the AMU of LIC exceeds the GDPs of Pakistan, Nepal, and Sri Lanka put together. It also exceeds the GDPs of developed nations like Singapore, Hong Kong, Finland, Denmark, and others. Also read: Bankrupt crypto lender Genesis and Gemini return over $2 billion to customers Pakistan has been experiencing financial difficulties and a national debt default was just barely avoided. The IMF has expressed worries about Pakistan's capacity to pay back its loans, pointing to societal unrest and political unpredictability as possible obstacles to stable economic conditions. With a total premium income of Rs 4,75,070 crore, LIC declared a profit of Rs 40,676 crore for FY24. During the fiscal year, the company also gave participating policyholders a bonus of Rs 52,955.87 crore. LIC, which holds a commanding market share of around 59% in the Indian life insurance industry, is now aggressively investigating acquisition options as part of its development strategy into the health insurance market. LIC shares, which are presently valued at Rs 6.46 lakh crore, have increased by around 52% over the last six months, ranking them as the seventh-largest company by market capitalization. Through the President of India, the Indian government owns 96.5% of LIC. (With inputs from agencies)

LIC's assets soar to over $616 bn, nearly double the size of Pak economy; surpass GDP of Nepal, Sri Lanka

Surpassing market expectations, the Life Insurance Corporation of India (LIC) on Wednesday reported a five-fold increase in its profit after tax.&nbsp;

As per a Reuters report, LIC's profit after tax stood at 134.28 billion rupees in the last quarter of FY23 (January to March 2023), which is a substantial increase compared to 23.72 billion rupees posted a year earlier.

To add to LIC's bumper profits, its strategic move to transfer a substantial amount of 72.99 billion rupees from its non-participating fund to the shareholders' fund has fortified its financial position. The fund stood at 272.41 billion rupees, as on March 31, 2023.

The state-owned insurer reported an even better&nbsp;standalone net profit in the first three months of 2023.&nbsp;

The state-owned insurer posted a standalone net profit of Rs 13,427.8 in the Q4 of 2023, which is a whopping six-fold rise from Rs 2,371.5 crore&nbsp;in the March quarter of 2022.

Backed by exceptional financial results, LIC has declared a final dividend of three&nbsp;rupees per share for the recently-concluded financial year. This announcement will be welcomed by LIC's shareholders, who have taken a 32 percent hit since the insurer was listed in May 2022.

During the fourth quarter of 2022-23, LIC experienced a year-on-year decline of 8.3 percent in standalone net premium income, amounting to Rs 1.31 lakh crore. However, on a sequential basis, the premium income showed a notable increase of 17.9 percent.

According to LIC, first-year premium declined 12.33 percent year-on-year to reach Rs 12,811.2 crore. On the other hand, the renewal premium grew 6.8 percent to reach Rs 76,009 crore.

(With inputs from Reuters)

Surpassing market expectations, the Life Insurance Corporation of India (LIC) on Wednesday reported a five-fold increase in its profit after tax. As per a Reuters report, LIC's profit after tax stood at 134.

Surpassing market expectations, the Life Insurance Corporation of India (LIC) on Wednesday reported a five-fold increase in its profit after tax. As per a Reuters report, LIC's profit after tax stood at 134.28 billion rupees in the last quarter of FY23 (January to March 2023), which is a substantial increase compared to 23.72 billion rupees posted a year earlier. To add to LIC's bumper profits, its strategic move to transfer a substantial amount of 72.99 billion rupees from its non-participating fund to the shareholders' fund has fortified its financial position. The fund stood at 272.41 billion rupees, as on March 31, 2023. The state-owned insurer reported an even better standalone net profit in the first three months of 2023. The state-owned insurer posted a standalone net profit of Rs 13,427.8 in the Q4 of 2023, which is a whopping six-fold rise from Rs 2,371.5 crore in the March quarter of 2022. Backed by exceptional financial results, LIC has declared a final dividend of three rupees per share for the recently-concluded financial year. This announcement will be welcomed by LIC's shareholders, who have taken a 32 percent hit since the insurer was listed in May 2022. During the fourth quarter of 2022-23, LIC experienced a year-on-year decline of 8.3 percent in standalone net premium income, amounting to Rs 1.31 lakh crore. However, on a sequential basis, the premium income showed a notable increase of 17.9 percent. According to LIC, first-year premium declined 12.33 percent year-on-year to reach Rs 12,811.2 crore. On the other hand, the renewal premium grew 6.8 percent to reach Rs 76,009 crore. (With inputs from Reuters)

LIC Q4 results: India's top insurer sees 112% surge in net profit

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LIC's assets soar to over $616 bn, nearly double the size of Pak economy; surpass GDP of Nepal, Sri Lanka

LIC Q4 results: India's top insurer sees 112% surge in net profit