LIC Profit Jumps 10% to Rs 10,461 Crore in Q1 - Business News
Aug 08, 2024 18:40
Life Insurance Corporation of India (LIC) reported a 10% rise in net profit to Rs 10,461 crore in the June 2024 quarter, driven by growth in premiums and investments.
Photograph: Uttam Ghosh/Rediff.com
New Delhi, Aug 8 (PTI) Life Insurance Corporation of India (LIC) on Thursday reported a 10 rise in its net profit to Rs 10,461 crore in the June 2024 quarter.
The state-owned life insurance behemoth had a net profit of Rs 9,544 crore in the year-ago period.
The total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period, LIC said in a regulatory filing.
During the quarter under review, the first-year premium rose to Rs 7,470 crore as against Rs 6,811 crore in the year-ago period, it said.
The insurer earned Rs 56,429 crore from renewal premiums as against Rs 53,638 crore a year ago.
Net income from investments during the quarter rose to Rs 96,183 crore as compared to Rs 90,309 crore in the April-June period of previous fiscal.
Solvency margin of LIC increased to 1.99 per cent as compared to 1.89 per cent in the same quarter a year ago.
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