Page 13 - Insurance Times March 2023

said high-value policies with annual The scheme has done very well in the
LIC's April-December profit
premium of over Rs 5 lakh comprised calendar year 2022 by enrolling more
surges to Rs 22,970 crore only 0.12% of total policies and around than 1.25 crore new subscribers in
LIC has reported a net profit of Rs 1.8% of premium. "We have sought comparison to 92 lakh new subscriber's
22,970 crore for the nine months clarification on how the tax would be enrolment in the calendar year 2021,
ended December 2023 - a multifold applied if premium across multiple PFRDA said in a statement.
increase over the net profit of Rs 1,672 insurers is Rs 5 lakh in a year," said
Till date, 29 banks have already
crore in the year-ago period. Kumar.
surpassed the annual target allocated
The current period profit has increased by the government of India, it said.
More than 50 million
due to transfer of an amount of Rs
In the public sector bank category,
19,942 crore (net of tax), pertaining to citizens subscribe to Atal
Bank of India, State Bank of India and
the accretions on the available Pension Yojana: PFRDA Indian Bank have achieved the
solvency margin, from non-
Pension Fund Regulatory & allocated targets, while in the Regional
participating (non-par - where profits
Development Authority (PFRDA) said Rural Bank (RRB) category, 21 banks
are not shared with policyholders)
more than 5 crore people have have achieved the allocated targets,
account to shareholders' account.
enrolled under Atal Pension Yojana with the highest achievement by
LIC chairman M R Kumar said LIC was (APY), the fagship social security Jharkhand Rajya Gramin Bank,
studying the impact of the Budget. He scheme of the central government. Vidharbha Konkan Gramin Bank and
Baroda UP Bank, it said.
M Jagannath, Tablesh pandey recommended for PFRDA, in line with the saturation
drive as announced by Prime Minister
LIC MD posts Narendra Modi in his Independence
The Financial Services Institution Bureau screened the biodata of six Day speech of 2021, took various
candidates for the positions of Managing Directors in Life Insurance initiatives for outreach of the scheme,
Corporation of India(LIC) and has recommended the name of M Jagannath it said.
for the first vacancy of Managing Director in LIC of India and Tablesh Pandey
Few positive trends have been noticed
for the second vacancy of Managing Director in LIC of India. However, the
in the profile of the subscribers as
final appointment needs to be approved by the Appointments Committee
currently enrolments of females in the
of Cabinet.
scheme has grown to 45 per cent of
As of now, the LIC has four MDs and two of them are set to retire in the total enrolments, in comparison to 38
coming two months. The two directors of LIC who will retire include Raj per cent, as recorded in 2017.
Kumar and BC Patnaik. M Jagannath and Tablesh Pandey are most likely to
Similarly, subscribers between age 18
fill the two positions after the two current MDs of LIC retire following the
and 25 years have grown to 45 per
end of their term.
cent of total enrolments, in
The Insurance Times March 2023 11