LIC Q1 Q1 net profit surges to ₹683 crore
The Hindu
Total premium income rose 20.35% to ₹98,351.77 crore
Life Insurance Corporation of India (LIC) Ltd. reported standalone first-quarter net profit surged to ₹682.88 from ₹2.94 crore in the year-earlier period.
Total premium income rose 20.35% to ₹98,351.77 crore.
LIC said marketing activity picked up pace and the overall business momentum was strong. The market share of the first year premium Income stood at 65.42% for the quarter compared with 67.52% in the year-earlier period.
While policy surrenders have increased, there has also been an increase in net commissions and expenditure of management.
A total of 36.81 lakh policies were sold in the individual segment, up 59.56% over the year-earlier period when 23.07 lakh policies were sold.
Assets under management increased to ₹41.02 lakh crore as compared to ₹38.13 lakh crore in the year-earlier period, up 7.57%.
The Net NPAs in the policyholders’ fund declined to ₹9 crore from ₹194 crore a year ago. As against Gross NPA of ₹26,620 crore, NPA provision of ₹26,611 crore has been made for quarter ended June 30, LIC said in a filing..
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