LIC Reports Impressive 10% Surge in Quarterly Profits

Life Insurance Corporation of India (LIC) reported a 10% increase in its net profit, reaching Rs 10,461 crore for the June 2024 quarter. The total income rose to Rs 2,10,910 crore. The insurer also saw growth in first-year premiums, renewal premiums, and net income from investments.

Life Insurance Corporation of India (LIC) on Thursday reported a noteworthy 10% rise in its net profit, amounting to Rs 10,461 crore for the June 2024 quarter.

In comparison, the state-owned life insurance giant had recorded a net profit of Rs 9,544 crore during the same period last year. The total income for the latest quarter surged to Rs 2,10,910 crore, a substantial increase from Rs 1,88,749 crore in the year-ago period, according to LIC's regulatory filing.

Highlights of the quarter include a rise in first-year premiums to Rs 7,470 crore from Rs 6,811 crore, and renewal premiums increased to Rs 56,429 crore from Rs 53,638 crore. Additionally, LIC's net income from investments rose to Rs 96,183 crore compared to Rs 90,309 crore in the previous fiscal's April-June quarter. The company's solvency margin also improved, reaching 1.99% from 1.89% a year ago.