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.
Its 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% as compared to 1.88% in the same quarter a year ago.
On the asset quality front, the gross non-performing assets ratio eased to 2.48% from 5.84% in the same period a year ago.
LIC’s shares closed at Rs 614.60 on Thursday, down 0.36% for the day. Its stock price has slumped nearly 40% from its issue price in the first year of trade, eroding nearly Rs 1.93 lakh crore of investors’ wealth.
(With inputs from YourStory)
