LIC Reports 10% Rise in Net Profit in Q1 FY2024

Life Insurance Corporation of India (LIC) reported a 10% increase in its net profit to Rs 10,461 crore for the June 2024 quarter. The company's total income rose to Rs 2,10,910 crore, with significant growth in first-year premiums, renewal premiums, and investment income compared to the previous year.

Life Insurance Corporation of India (LIC) reported a notable 10% increase in its net profit, reaching Rs 10,461 crore in the June 2024 quarter.

In comparison, the state-owned insurance giant had recorded a net profit of Rs 9,544 crore in the corresponding period last year. LIC's total income surged to Rs 2,10,910 crore from Rs 1,88,749 crore, showcasing robust financial growth.

The first-year premium rose to Rs 7,470 crore, while renewal premiums saw a boost to Rs 56,429 crore. Additionally, the insurer's net income from investments climbed to Rs 96,183 crore. Moreover, LIC's solvency margin improved to 1.99% from 1.89% the previous year.