Investor Presentaiton
Glossary
LIC
भारतीय जीवन बीमा निगम
LIFE INSURANCE CORPORATION OF INDIA
New Business APE: The sum annualized first year premiums on regular premium policies, and 10.00% of single premiums, written by the Company
during the fiscal year from both retail and group customers.
New Business Premium NBP: Insurance premium that is due in the first policy year of a life insurance contract or a single lump sum payment from the
policyholder.
Individual Rated Premium IRP: New business premiums written by the Company under individual products and weighted at the rate of 10.00% for
single premiums.
❖Renewal Premium: Life Insurance Premiums falling due in the years subsequent to the first year of the policy.
Embedded Value EV: Embedded Value is the measure of the consolidated value of shareholders' interest in the covered life insurance business, which
is all life insurance business written by the Company since inception and in-force as on the valuation date (including lapsed business which have the
potential of getting revived). The Embedded Value of the Company has been determined on the basis of the Indian Embedded Value (IEV) Methodology
calculated as per APS 10 set forth by the Institute of Actuaries of India (IAI).
Gross Written Premium GWP: The total premium written by the Company before deductions for reinsurance ceded.
Value of New Business VONB: Value of New Business is the present value of expected future earnings from new policies written during a specified
period and it reflects the additional value to shareholders expected to be generated through the activity of writing new policies during a specified period.
VONB Margin: VoNB Margin is the ratio of VoNB to New Business Annualized Premium Equivalent for a specified period and is a measure of the
expected profitability of new business.
Solvency Ratio: Solvency ratio means ratio of the amount of Available Solvency Margin to the amount of Required Solvency Margin as specified in
form-KT-3 of
for Life
IRDAI
Actuarial
Report
and
Abstracts
Insurance
Business
Regulations.
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