MUMBAI: Life Insurance Corporation of India (LIC) on Thursday said its embedded value stood at Rs 5,41,492 crore at the end of March this year, as against Rs 95,605 crore in the year-ago period.
At the end of September 2021, the Indian embedded value (IEV) stood at Rs 5,39,686 crore at the end of September 2021.
Embodied value is a measure of the consolidated value of shareholders’ interest in the life insurance business.
The insurer said in a release that as of September 30, 2021, the IEV was significantly higher than the IEV of March 2021, due to the diversion of funds made by LIC after changes in the LIC Act during FY 2021-22.
The Value of New Business (VNB) for the year ended March 2022 has been fixed at Rs 7,619 crore as compared to Rs 4,167 crore for the year ended March 2021.
For the year ended March 2022, VNB margin stood at 15.1 per cent as compared to 9.9 per cent in the same period a year ago.