The nation’s largest investment powerhouse earned Rs 84,425.45 crore profts from its investment, which was up from Rs 67,846.64 crore a year ago. During the full year, it earned Rs 363,943.92 crore from investments, up from Rs 306,390.13 crore a year ago.
Employee remuneration and welfare expenses went up to Rs 13,749.89 crore from Rs 10,380.51 crore for the quarter and for the year at Rs 39,583.59 crore, marginally lower than the previous year at Rs 40,093.90 crore, while total management expenses rose to Rs 24,709.05 crore from Rs 21,435.23 crore and Rs 74,080.80 crore from Rs 73,725.99 crore for the full year.
The country’s largest insurer’s asset quality improved in the final quarter of FY24, with gross non-performing asset improving to 2.01 percent from 2.56 percent.
The insurer, owned 96.5 percent by the government also declared an interim dividend of Rs 6/share.
The key business metric of value of new business (VNB) increased 4.66 percent to Rs 9,583 crore and VNB margin increased by 60 bps to 16.8 percent, the chairman said but admitted that it was whittled down by the wage hikes and pension arrears.
The non-par annualized premium equivalent (APE) share within individual business grew 9.43 percent to 18.32 percent, and the non-par APE more than doubled from Rs 3,436 crore in March 2023 to Rs 7,041 crore. Therefore, on an APE basis, the non-par share of the individual business, which was 8.89 percent in FY23 has grown to 18 percent for the year ended March 31.
However, in terms of number of policies the insurer sold lesser number of policies which marginally slipped to 2.03 crore in individual segments from 2.04 crore in FY23.
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