LIC Reports Robust Financial Growth in June 2024 Quarter

Life Insurance Corporation of India (LIC) reported a significant 10% rise in net profit to Rs 10,461 crore for the June 2024 quarter, driven by a 16% increase in total premium income. LIC is also exploring entry into the health insurance sector and aims to maintain its investment levels in equity markets.

Life Insurance Corporation of India (LIC) has announced a notable 10% increase in its net profit, reaching Rs 10,461 crore for the quarter ending June 2024. This rise from Rs 9,544 crore in the year-ago period reflects the firm's strategic growth and financial stability.

According to LIC's regulatory filing, total income surged to Rs 2,10,910 crore in the latest quarter, an improvement from Rs 1,88,749 crore last year. The Assets Under Management (AUM) saw a 16.22% boost, standing at Rs 53,58,781 crore by June 30, as revealed by MD and CEO Siddhartha Mohanty.

LIC is exploring the health insurance sector, planning to acquire a majority stake in a standalone health insurance firm. Furthermore, the corporation maintained its investment in the equity market, with Rs 1.32 lakh crore invested last fiscal year. Despite challenges, LIC is committed to optimizing its product and channel mix and has launched a digital transformation effort to improve customer experience.

(With inputs from agencies.)