LIC Reports Robust Profits Despite Income Dip

State-owned Life Insurance Corporation (LIC) reported a substantial 17% increase in net profit for the third quarter ending December 2024, reaching Rs 11,056 crore. This rise is attributed to a reduced expense ratio. However, the insurer's net premium and total income showed a decline during the same period.

State-owned insurer, Life Insurance Corporation (LIC), hailed a substantial 17% rise in net profits for the third quarter ending December 2024, attributing this growth to a decrease in the expense ratio. Profits surged to Rs 11,056 crore, a significant increase from the Rs 9,444 crore achieved in the previous year.

However, despite the profit hike, LIC reported a dip in net premium income, which fell to Rs 1,06,891 crore from Rs 1,17,017 crore in the comparable period of the previous year. Similarly, the total income also decreased to Rs 2,01,994 crore, down from Rs 2,12,447 crore previously reported.

Looking ahead, LIC's Managing Director and CEO, Siddhartha Mohanty, emphasized the company's ongoing strategy of adapting product and channel mix to better serve customers in a changing environment. Furthermore, in the spirit of innovation and empowerment, the Bima Sakhi Yojana continues to provide career opportunities for women in insurance sales.

(With inputs from agencies.)