Life Insurance Corporation of India (LIC), the leading insurance company in the country, has reported a consolidated net profit of Rs 602.78 crore for the April to June 2022 quarter.
In comparison, the consolidated net profit during the three-month period of last year stood at Rs 24.36 crore, according to the filings made by LIC to the stock exchanges.
According to LIC, in the first quarter of FY23, it registered a premium income of Rs 98,352 crore—a 20.35% rise compared to Rs 81,721 crore recorded in the same year-ago period.
The insurance company noted that the marketing activity picked up pace, and the overall business momentum was strong. The first-year premium income increased to 65.42% for Q1 FY2023, as compared to the full-year market share of 63.25% for FY 2021-22.
The market share by First Year Premium Income for the April-June 2021 quarter was 67.52%, LIC noted, while the market share from this segment stood at 43.86%.
LIC sold 36.81 lakh individual policies for the first quarter of FY23, which was a 60% rise when compared to the year-ago period.
The asset under management increased to Rs 41.02 lakh crore as of June 30th 2022, as compared to Rs. 38.13 lakh crore in Q1 FY2022—registering a 7.57% increase.
At the end of the first quarter of FY23, LIC had an agency strength of 1.33 million, as compared to 1.34 million as of June 30, 2021. The percentage of its agents working in rural areas stood at 48% whereas the remaining 52% operated in urban areas.
The share price of LIC on Friday on the National Stock Exchange (NSE) was Rs 682.40.