LIC Reports Robust Profit Growth Amidst Premium Income Dip

State-owned Life Insurance Corporation (LIC) of India reported a 17% increase in net profit for Q3 2024, amounting to Rs 11,056 crore. Despite this growth, net premium income saw a decline to Rs 1,06,891 crore from Rs 1,17,017 crore. Total income also decreased compared to the previous year.

The Life Insurance Corporation (LIC), India's largest state-owned insurer, announced a 17% rise in net profit for the third quarter ending December 2024, reaching Rs 11,056 crore. This marks a significant increase from Rs 9,444 crore in the same quarter of the previous year.

Despite the profit surge, LIC's net premium income experienced a reduction to Rs 1,06,891 crore from the previous year's figure of Rs 1,17,017 crore, as disclosed in the company's regulatory filing. This moderation in premium income signals evolving market conditions.

Moreover, the company's total income fell to Rs 2,01,994 crore in Q3 2024, compared to Rs 2,12,447 crore in the corresponding period last year, highlighting challenges amidst profitability gains.

(With inputs from agencies.)