New Delhi Feb 21 PTI Subscribers of Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY are eligible for LIC initial public offering at a discount Chairman of insurance company M R Kumar said on Monday PMJJBY is part of that and reservation will be there for the policyholders Kumar said in an interaction with the media Launched in 2015 PMJJBY offers a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years covering death due to any reason for a premium of Rs 330 per annum per subscriber This government scheme is offered or administered through LIC As per the Draft Red Herring Prospectus DRHP filed last week the maximum bid amount under the Policyholder Reservation Portion by an eligible policyholder would not exceed Rs 200000 net of policyholder discount It further said policyholders having one or more policies of LIC as on the date of DRHP and bidoffer opening date and who are residents of India would be eligible to apply in this offer under the Policyholder Reservation Portion The aggregate of reservation for eligible policyholders shall not exceed 10 per cent of the total offer size The portion of the offer available for allocation to eligible policyholders on a proportionate basis is subject to the receipt of necessary approvals from the government LIC issued approximately 21 million individual policies in FY 2021 accounting for nearly 75 per cent of new individual policy issuances The IPO is offer for sale OFS by Government of India There is no fresh issue of shares by LIC The government holds 100 per cent stake or over 63249 crore shares in LIC The face value of shares is Rs 10 apiece The LIC public issue would be the biggest IPO in the history of the Indian stock market Once listed LICs market valuation would be comparable to top companies like RIL and TCS The IPO of LIC is expected by March and the proceeds would be crucial to meet the revised disinvestment target of Rs 78000 crore in the current fiscal year LICs share capital was raised from Rs 100 crore to Rs 6325 crore during September last year to help facilitate the IPO Last month LIC reported a profit after tax of Rs 1437 crore for the first half of financial year 2021-22 as compared with Rs 614 crore in the year-ago period PTI DP ANU ANU

Mumbai Jan 25 PTI IPO-bound Life Insurance Corporation of India LIC on Tuesday reported a profit after tax of Rs 1437 crore for the first half of the financial year 2021-22 as compared with Rs 614 crore in the year-ago period Its new business premium growth rate stood at 5541 per cent in H1FY22 compared with 39476 per cent during the corresponding period of the preceding financial year LIC said on Tuesday Its overall total net premiums increased Rs 1679 crore to Rs 186 lakh crore during April-September 2021 from Rs 184 lakh crore in the year-ago period The state-owned insurer reported a jump of Rs 17404 crore in overall premiums and income from investments grew to Rs 335 lakh crore in the April-September 2021 period The overall income from investments grew Rs 15726 crore to Rs 149 lakh crore in H1FY22 the insurer said Income from interest dividends and rent gross grew to Rs 10178 crore in H1FY22 Income from profit on saleredemption of investments increased to Rs 10965 crore LICs share capital has been increased to Rs 6325 crore in H1 FY22 on the eve of its IPO In the reporting period the life insurer reported an increase of Rs 7262 crore in the total premium to Rs 113 lakh crore for individual life non-linked The total premium in individual pension non-linked grew Rs 4432 crore to Rs 5636 crore and that of the group non-linked grew Rs 90 crore to Rs 66295 crore it said The total premium in individual life linked increased Rs 73708 crore to Rs 1085 crore The insurers net retention ratio stood at 9988 per cent in H1FY22 Investments of policyholders have grown Rs 59 lakh crore to Rs 3772 lakh crore in the first half of FY22 Investments of shareholders grew Rs 5617 crore to Rs 6311 crore it said The 13th month persistency ratio premium basis stood at 7818 per cent and the solvency ratio stood at 18337 per cent in April-September 2021 PTI HV HRS hrs