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LIC's embedded value at Rs 5.41L cr by March '22
LIC approved IEV at Rs 5,41,492 crore as on March 31, 2022. The IEV was determined to be Rs 95,605 crore as on March 31, 2021 and Rs 5,39,686 crore on September 30, 2021.
Hyderabad: The Board of Directors of Life Insurance Corporation of India (LIC) approved Indian Embedded Value (IEV) at Rs 5,41,492 crore as on March 31, 2022. The IEV was determined to be Rs 95,605 crore as on March 31, 2021 and Rs 5,39,686 crore on September 30, 2021.
The IEV as of September 30, 2021 was significantly higher than the IEV of March 2021 due to the bifurcation of fund that was carried out by LIC pursuant to changes in the LIC Act during the FY 2021-22, the company informed in a statement. LIC has engaged Milliman Advisors LLP for determining the IEV of the LIC of India as on March 31, 2022. The Board of LIC, in its meeting on Thursday, adopted the IEV Report of Milliman Advisors LLP pertaining to the IEV of LIC of India as on March 31, 2022.
As mandated under the amended section 24 of LIC Act, 1956, Board of LIC in its meeting held on 8th January, 2022 had approved bifurcation of the single fund into separate Par and Non-Par funds and the effect of such bifurcation has been reflected in the Financials as at 31st March, 2022.
The Value of New Business (VNB) has been determined to be Rs 7,619 crore for year ended March 31, 2022 as compared to Rs 4,167 crore for the year ended March 31, 2021. Also, the VNB for the six-month period ended September 30, 2021 was Rs 1,583 crore.
