LIC Q1 profit jumps multifold to Rs 9,544 crore

New Delhi: 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 percent as compared to 1.88 percent in the same quarter a year ago.

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

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