Further to its earlier announcement on May 30th 2022, the corporation has informed that the exercise of determining the IEV as on March 31, 2022, may take some more time to get completed. Once completed and after requisite approvals, the required public disclosures of the same, will be made, said LIC

Mumbai:

The recently listed Life Insurance Corporation(LIC) has said it will take some more time and by July 15th, it will unveil its latest Indian Embedded Value (IEV) linked to its Fy Q4 2021-22 results.

“Further to its announcement on May 30th 2022, the corporation has informed that the exercise of determining the IEV as on March 31, 2022, may take some more time to get completed. Once completed and after requisite approvals, the required public disclosures of the same, will be made,’’ said LIC on Wednesday.

LIC’s embedded value was pegged at about Rs 5.4 lakh crore as on September 30, 2021 by international actuarial firm Milliman Advisors.

Earlier Raj Kumar, managing director, LIC, had said the exercise to determine IEV as on March 31, 2022 is under progress and is expected to be completed by June 30, 2022.

“It is a long exercise (determination of Indian EV). We are implementing a new IT solution for calculation of IEV and we need to cross-check all the data,” he had said.

“We have 285 products which need to be modelled into a new system. We have to check the consistency of the output for each of the products, and it is taking time. We don’t want to rush into any number which can be questioned tomorrow. We want to be absolutely sure and hence we are taking a little more time. Going forward, from Q1 (FY23) onwards, it will not be taking so much time and we will be doing it (determining IEV) simultaneously along with the completion of the financial results,” Kumar had said.

The state-run insurer will calculate Indian EV on a quarterly basis but has decided to declare the number on a half-yearly basis, a trend followed by the other industry players, he said.