LIC Profit Jumps Multifold To ₹9,544 Cr In Q1FY24

LIC Profit Jumps Multifold To ₹9,544 Cr In Q1FY24

The total income increased to Rs 1,88,749 crore for the June quarter as against Rs 1,68,881 crore in the year-ago period, LIC said in a regulatory filing.

PTIUpdated: Thursday, August 10, 2023, 07:07 PM IST
article-image
LIC Q1 Profit Jumps Multifold To ₹9,544 Cr | Image: Wikipedia (Representative)

Life Insurance Corporation of India (LIC) on Thursday reported a multifold jump in its April-June quarter net profit to Rs 9,544 crore.

The state-run life insurance behemoth had a net profit of Rs 683 crore in the year-ago period.

The total income increased to Rs 1,88,749 crore for the June quarter as against Rs 1,68,881 crore in the year-ago period, LIC said in a regulatory filing.

However, the first-year premium for the reporting quarter came down to Rs 6,811 crore as against Rs 7,429 crore in the year-ago period, it said.

The insurer earned Rs 53,638 crore as against Rs 50,258 crore in the same period a year ago.

Net income from investments during the quarter rose to Rs 90,309 crore as compared to Rs 69,571 crore in the April-June period of 2022-23.

Solvency margin of LIC increased to 1.89 per cent as compared to 1.88 per cent in the same quarter a year ago.

On the asset quality front, gross non-performing assets ratio eased to 2.48 per cent from 5.84 per cent in the same period a year ago.

LIC shares

The shares of LIC on Thursday at 3:30 pm IST were at Rs 641.60, down by 0.36 percent.

RECENT STORIES

'India Can Fill China’s Gap In Japan’s Garment Market,' Says AEPC Ahead Of Tokyo Trade Fair

'India Can Fill China’s Gap In Japan’s Garment Market,' Says AEPC Ahead Of Tokyo Trade Fair

HDFC Bank To Halt UPI Services For 4 Hours On 12th July Due To Maintenance

HDFC Bank To Halt UPI Services For 4 Hours On 12th July Due To Maintenance

India’s Growth Momentum Picks Up In Q1 FY26 Amid Global Uncertainty, Inflation Tame: Bank Of...

India’s Growth Momentum Picks Up In Q1 FY26 Amid Global Uncertainty, Inflation Tame: Bank Of...

Meet Priya Nair: First Female CEO Of FMCG Giant Hindustan Unilever

Meet Priya Nair: First Female CEO Of FMCG Giant Hindustan Unilever

Social Security Pension Amount ₹1,100 Transferred To The Accounts Of 1.11 Crore People Of Bihar

Social Security Pension Amount ₹1,100 Transferred To The Accounts Of 1.11 Crore People Of Bihar