LIC clocks biggest gain since listing on strong Q2 show

The insurer is slowly increasing its market share in non-participating products as well

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The share price of Life Insurance Corporation (LIC) surged almost 6 percent, its biggest intraday gain, on November 14 after the company reported a net profit of Rs 15,952 crore for the September quarter of the financial year 2022-23, a multifold increase from Rs 1,433 crore in the year-ago period.

At 10.30 am, the stock was quoting at Rs 662.60, up 5.56 percent, on the National Stock Exchange in its best performance after it listed in May 2022.

In the exchange filing, the state-owned life insurer said on November 11 its current period profit increased due to the “transfer of an amount of Rs 14,271.80 crore (net of tax), pertaining to the accretions on the available solvency margin, from non-par to shareholders account”.

LIC’s assets under management (AUM) increased to Rs 42.93 lakh crore as on September 30, 2022, from Rs 39.50 lakh crore in the year-ago quarter.

The insurer is slowly increasing its market share in non-participating products, too. “In the Individual business, on an APE basis, the share of non-par business has increased to 8.99 percent for the half year ended September 2022, as against 7.12 percent for the full year ended March 2022,” chairperson MR Kumar said after Q2FY23 results.

Domestic brokerage Motilal Oswal Financial Services has a “buy” call on the stock. “LIC has all the levers in place to maintain its industry-leading position and ramp up growth in the highly profitable product segments (mainly protection, non-part  and savings annuity),” its analysts said.

Ahead of the results, ICICI Securities had initiated coverage on the stock with a “buy” rating and a target of Rs 917 apiece. The initiation note said, “Increasing non-participating mix and change in surplus distribution policy are significant growth drivers of the value of the new business (VNB) and in turn embedded value (EV).”

Life insurance companies primarily sell two types of products—“participating policies” where profits are shared with customers, while “non-participating” or “non-par” have fixed returns. LIC parks the premium it collects from the non-par policies in a non-participating fund.

As of September end, LIC’s embedded value was at Rs 5,442 billion, up marginally from Rs 5,396 billion a year ago. Embedded value is the sum of net asset value and the present value of future profits of a life insurance company.

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