LIC reports 49 pc rise in Q3 profit at Rs 9,444 crore
New Delhi: State-run Life Insurance Corporation (LIC) on Thursday reported 49% year-on-year rise in standalone net profit at Rs 9,444.41 crore for October-December quarter (Q3) of current financial year 2023-24.
The insurer had posted a profit of Rs 6,334.19 crore in Q3 of the previous financial year 2022-23.
LIC’s net premium income stood at Rs 1.17 lakh crore in the December quarter of the current financial year, up 5% over net premium income of Rs 1.11 lakh crore in the same period of previous financial year.
“Our consistent and focused approach towards diversifying and changing our product mix is now yielding results at a faster pace,” said LIC Chairperson Siddhartha Mohanty commenting on the company’s financial performance.
The profit of the company for the nine months period ended December 31st, 2023 was Rs 26,913 crore.
“The current period profit includes an amount of Rs 21,461 crore (net of tax), pertaining to the accretions on the available solvency margin, transferred from Non Par fund to shareholders account.
In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader by market share in Indian life insurance business with overall market share of 58.90%.
“For nine months ended December 31st 2023, LIC had a market share of 38.74 % in Individual business and 72.24% in the group business,” the insurer said.