Today, the Life Insurance Corporation (LIC) of India reported a 49% increase in net profit for the October-December quarter of the financial year 2023-24. The net profit rose to Rs 9,441 crore from Rs 6,334 crore in the same period last year.
LIC also saw a growth of 4.67% in net premium income, reaching Rs 1.17 lakh crore compared to Rs 1.11 lakh crore in the previous year. The company declared an interim dividend of Rs 4 per share.
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The insurer’s gross non-performing assets (GNPAs) decreased to 2.15% from 5.02% in the previous year, while the solvency ratio increased to 1.93% from 1.85% in the same quarter last year.
Assets Under Management (AUM) saw a significant rise to Rs. 49.66 lakh crore as of December 2023, up from Rs. 44.34 lakh crore on December 31st, 2022, marking an 11.98% increase year-on-year.
LIC’s shares ended trading at Rs 1,105.25 on the BSE, up by 5.82%.
