Tuesday, October 4, 2022

LIC Q1 profit jumps multifold to Rs 682.89 crore

Life Insurance Corporation of India (LIC) on Friday reported a multifold jump in its June quarter net profit at Rs 682.89 crore

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New Delhi: Life Insurance Corporation of India (LIC) on Friday reported a multifold jump in its June quarter net profit at Rs 682.89 crore. The state-run life insurance behemoth, which went public recently, had a net profit of Rs 2.94 crore in the year-ago period.

The first-year premium for the reporting quarter came at Rs 7,429 crore as against Rs 5,088 crore in the year-ago period, it said in an exchange filing after its board meeting.

The total income came at Rs 1,68,881 crore for the June quarter as against Rs 1,54,153 crore in the year-ago period, it said.

When compared with the preceding March quarter, the performance was down across parameters, the filings showed.

The net profit had come at Rs 2,371 crore, first year premium stood at Rs 14,614 crore and total income stood at Rs 2,11,451 crore in the March quarter.

LIC shares closed 0.03 percent down at Rs 682.15 apiece on the BSE on Friday against 0.22 percent gain on the benchmark Sensex.

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