LIC Q2 Profit Slips 4% to Rs 7,621 Crore

New Delhi, Nov 8 (PTI) State-owned insurer LIC on Friday reported a 3.8 per cent decline in net profit to Rs 7,621 crore for the quarter ended September 30, on lower other income.

The country's biggest insurer had reported a net profit of Rs 7,925 crore in the year-ago period, LIC said in a regulatory filing.

Its net premium income eased to Rs 1,19,901 crore in the second quarter of the current fiscal, from Rs 1,07,397 crore in the same period a year ago.

Other income of the insurer almost halved to Rs 145 crore from Rs 248 crore in the same quarter in the previous year.

However, total income rose to Rs 2,29,620 crore in the latest September quarter, compared to Rs 2,01,587 crore in the year-ago period, it said.

Total expenses rose to Rs 2,22,366 crore in the quarter as against Rs 1,94,335 crore in the same period a year ago.

Solvency ratio increased to 198 per cent from 190 per cent at the end of September 30, 2023.

At the same time, Gross NPAs came down to 1.72 per cent from 2.43 per cent at the end of the second quarter of the previous year.

For the first half ended September 2024, LIC recorded profit growth of 3.5 per cent to Rs 18,082 crore as compared to Rs 17,469 crore for the half year ended September 30, 2023, the insurer said in a statement.

In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader in the Indian life insurance business with overall market share of 61.07 per cent for half year ended September 30 2024 as compared to 58.50 per cent for H1 of the previous financial year.

The total premium income increased to Rs 2,33,671 crore as compared to Rs 2,05,760 crore for the six-month period ended September 30 2023, registering a growth of 13.56 per cent.

Individual New Business premium income also rose to Rs 29,538 crore as compared to Rs 25,184 crore for the H1 of the previous fiscal, a growth of 17.29 per cent.