Government-owned Life Insurance Corporation of India (LIC) reported decent numbers in the first half of 2022-23, supported by 48% y-o-y growth in annual premium equivalent (APE) and 132% y-o-y growth in the value of new business (VNB). However, the growth in embedded value (a measure of shareholder value creation) remains a concern. It grew at a meager rate of 0.85% y-o-y due to rising bond yields, additional provisions and a flat equity market