Life Insurance Corporation of India (LIC), a prominent Asian life insurance company, concluded the second quarter of the fiscal year 2024 with a net premium income of Rs 107,396.76 crore, generating an after-tax profit of Rs 7,925.01 crore.
According to a regulatory filing, LIC, which is government-owned in India, reported a net premium of Rs 107,397.76 crore for the quarter ending September 30, 2023, compared to Rs 132,104.13 crore in the same period in the previous fiscal year. The after-tax profit for the same period was Rs 7,925.01 crore, a notable decrease from Rs 15,952.49 crore in the corresponding quarter of the previous year.
During the review period, LIC recorded an investment income of Rs 93,942.20 crore, surpassing the figure of Rs 84,103.64 crore from the same period in the previous fiscal year.
LIC disbursed benefits, including claims and maturity benefits, totaling Rs 83,363.89 crore during the quarter.
As of September 30, LIC's gross non-performing assets (NPA) and net NPA for the policyholder's fund were Rs 11,643.95 crore and Rs 8.77 crore, respectively. In comparison, the figures were Rs 26,111.01 crore and Rs 12.71 crore on September 30, 2022. LIC's solvency ratio as of September 30, 2023, stood at 1.90.
(With Agency Inputs)
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