LIC Profit Jumps Multifold To ₹9,544 Cr In Q1FY24
The total income increased to Rs 1,88,749 crore for the June quarter as against Rs 1,68,881 crore in the year-ago period, LIC said in a regulatory filing.
LIC Q1 Profit Jumps Multifold To ₹9,544 Cr | Image: Wikipedia (Representative)
Life Insurance Corporation of India (LIC) on Thursday reported a multifold jump in its April-June quarter net profit to Rs 9,544 crore.
The state-run life insurance behemoth had a net profit of Rs 683 crore in the year-ago period.
The total income increased to Rs 1,88,749 crore for the June quarter as against Rs 1,68,881 crore in the year-ago period, LIC said in a regulatory filing.
However, the first-year premium for the reporting quarter came down to Rs 6,811 crore as against Rs 7,429 crore in the year-ago period, it said.
The insurer earned Rs 53,638 crore as against Rs 50,258 crore in the same period a year ago.
Net income from investments during the quarter rose to Rs 90,309 crore as compared to Rs 69,571 crore in the April-June period of 2022-23.
Solvency margin of LIC increased to 1.89 per cent as compared to 1.88 per cent in the same quarter a year ago.
On the asset quality front, gross non-performing assets ratio eased to 2.48 per cent from 5.84 per cent in the same period a year ago.
LIC shares
The shares of LIC on Thursday at 3:30 pm IST were at Rs 641.60, down by 0.36 percent.
Published on: Thursday, August 10, 2023, 07:07 PM ISTRECENT STORIES
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