Life Insurance coverage Company of India (LIC) has reported an unaudited, standalone internet 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.
In accordance with an announcement filed with the inventory exchanges by LIC, change in accounting coverage resulted in “switch of the accretion within the accessible solvency margin from non-participating (non-par) to shareholders funds amounting to Rs 14,271.80 crore (internet of tax) pertaining to the accretion on the accessible solvency margin from non-par to shareholder’s account”.
In consequence, the revenue for the quarter and half 12 months ended September 30, 2022 has elevated to that extent. “The stated quantity contains 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 overview.
It has made an extra provision of Rs. 11,543.75 crore in the direction of workers retirement advantages as a result of wage revision which has develop into due with impact from August 1, 2022.
The “excellent unclaimed quantities/ deposits” and “Curiosity accrued on unclaimed quantities” aggregating to Rs 21,283.14 crore doesn’t match with the “property pertaining to unclaimed quantities” 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.