The Life Insurance Corporation of India, or LIC, announced on Thursday that its net profit climbed by 2.5 percent to Rs 13,763 crore for the January-March quarter of fiscal year 2023-24, up from Rs 13,421 crore in the same time the previous year.
It also declared an interim dividend of Rs 6 per share. Besides, LIC also reported an improvement in its asset quality, with gross non-performing assets (GNPA) coming down to 2.01 percent from 2.56 percent last year.
The new business value for the company has increased by 4.66 percent to Rs 9,583 crore, while the margin improved by 0.6 percent to come to 16.8 percent. The number of policies in the individual segment sold by LIC was 2.03 crore—marginally down from 2.04 crore policies sold in the previous year, FY23. APE, or annual premium equivalent, for the fourth quarter was higher by 10.7 percent at Rs 21,180 crore, compared to Rs 19,137 crore in the last fiscal. As of March 2024, the company’s Assets Under Management (AUM) soared to Rs 51.21 lakh crore, a 16.48 percent increase from Rs 43.97 lakh crore on March 31, 2023. The insurer's solvency ratio improved to 1.98 percent, up from last year's 1.87 percent.
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