LIC approves report on Indian Embedded Value (IEV) as on March 31, 2022
Press Release- Mumbai, July 14, 2022: The Board of Directors of Life Insurance Corporation of India (“LIC”) approved the Report on Indian Embedded Value (IEV) as on March 31, 2022. Below are key highlights of IEV Report results.
LIC has engaged M/s Milliman Advisors LLP for determining the IEV of the LIC of India as on March 31, 2022. Today, the Board of LIC, in its meeting, 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.
As on March 31, 2022, the IEV of LIC of India has been determined to be Rs.5,41,492 Crore (Rs.5,414.9 Bn) as compared to Rs.95,605 Crore (Rs.956 Bn) as on March 31, 2021 and Rs.5,39,686 Crore (Rs.5,397 Bn) 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 Value of New Business (VNB) for year ended March 31, 2022 has been determined to be Rs 7,619 Crore (Rs.76.19 Bn) as compared to Rs.4,167 Crore (Rs.41.67 Bn) for the year ended March 31, 2021. Also, the VNB for the six-month period ended September 30, 2021 was Rs.1,583 Crore (Rs.15.83 Bn).
The VNB margin, for the year ended March 31, 2022 is 15.1% as compared to VNB margin of 9.9% for the year ended March 31, 2021.
The Annualised Premium Equivalent (APE) for year ended March 31, 2022 is Rs. 50,390 Crore (Rs.503.90 Bn). The APE for year ended March 31, 2021 was Rs.45,588 Crore (Rs.455.88 Bn) and the APE considered for arriving at VNB for period ended March 31, 2021 was Rs. 42,170 Crore (Rs. 421.70 Bn). Further for the period ended March 31, 2022, the APE of Individual business and Group business was Rs.35,572 Crore (Rs.3,55.72 Bn) and Rs.14,818 Crore (Rs.148.18 Bn) respectively. Therefore, the Individual Business accounted for 70.59% of APE and Group business accounted for 29.41% of APE. Also, within the individual business, the par business share on APE basis was 92.88%, while the remaining 7.12 % was from the non-par business.
The ROEV (Return on embedded value) for March 21, 2022 is 11.9% as compared to 36.9% for March 2021. It is clarified that these calculations take into account the bifurcation impact of the split of single life fund into par and non-par fund during the FY 2021-22
Dated at Mumbai on July 14, 2022.
For Further Information please contact: Executive Director (CC)
LIC of India, Central Office, Mumbai. Email id: ed_cc@licindia.com
Visit us at www.licindia.in
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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
