LIC Q1 net surges multi-fold to Rs 682.8 crore

Life Insurance Corporation (LIC) on Friday reported a multi-fold increase in net profits to Rs 682.88 crore for the quarter ending June compared to a profit of Rs 2.94 crore in Q1FY22. It may be recalled that business activity in the country had come to a virtual standstill in the June 2021 quarter during the second wave of the Covid pandemic. Seen sequentially, LIC’s performance was less impressive as the insurer had posted profits of Rs 2,371.55 crore in the three months to March.

The total income stood at Rs 1.68 trillion as against Rs 1.54 trillion in the year-ago period, LIC said. Total income stood at Rs 2.11 trillion in March quarter. The net premium income during Q1FY23 of Rs 98,351.76 crore, was about 20 per cent higher y-o-y. On a sequential basis, net premium was lower by about 32 per cent.

The first-year premium for the reporting quarter came in at Rs 7,429 crore as against Rs 5,088 crore in the year-ago period.  FE