Life Insurance Corporation Likely To Announce Embedded Value By July 15
The Centre raised about Rs 20,500 crore last month by offloading its 3.5 per cent stake in the insurer through the biggest ever Indian IPO
Life Insurance Corporation (LIC), the state-run insurance behemoth, on Wednesday announced that the exercise of determining its embedded value as of March 2022 is on and is likely to be completed by July 15, the PTI reported.
According to the report, LIC has informed that the exercise of determining the Indian Embedded Value (IEV) as on March 31, 2022, may take some more time to get completed, the company said in a statement.
“Once completed and after requisite approvals, the required public disclosures of the same, will be made in this regard, by LIC of India. As of now, we expect the required public disclosures, to be made by July 15,” it said.
The Embedded Value (EV) is a measure of the consolidated value of shareholders' interest in the life insurance business. The EV represents the worth of shareholders’ interests in the earnings distributable from the assets allocated to the business after sufficient allowance for the aggregate risks in the business.
LIC’s embedded value was pegged at about Rs 5.4 lakh crore as on September 30, 2021 by international actuarial firm Milliman Advisors.
The Centre raised about Rs 20,500 crore last month by offloading its 3.5 per cent stake in the insurer through the biggest ever Indian IPO.
Post-listing, LIC on a standalone basis reported an 18 per cent decline in its net profit at Rs 2,371.55 crore in the quarter ended March 2022, compared to Rs 2,893.48 crore in the year-ago period.
On a consolidated basis, the profit after tax dropped 17 per cent to Rs 2,409 crore for the fourth quarter ended March 2022 from Rs 2,917 crore in the same quarter a year ago.
At 11am, the LIC was trading at Rs 675.05, down 0.57 per cent on the BSE on Thursday.
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