LIC Reports Remarkable Q1 Profit Surge, Soars to Rs 9,544 Cr
- ByStartupStory | August 11, 2023
Life Insurance Corporation (LIC) of India has reported an impressive surge in standalone net profit, reaching Rs 9,543.71 crore during the quarter ending June 30, 2023. This substantial increase marks a significant rise from the Rs 682.88 crore standalone profit achieved during the same quarter last year.
Despite a marginal difference, LIC’s net premium income for this quarter remained nearly unchanged at Rs 98,362.75 crore, compared to Rs 98,351.76 crore reported in the corresponding period last year. However, the insurance giant experienced a decline in other income, which decreased to Rs 75.54 crore in the reviewed quarter from Rs 160.09 crore in Q1FY23.
Furthermore, the transfer of funds from shareholders’ accounts saw a noteworthy decrease, amounting to Rs 1.48 crore during this Q1, as opposed to the Rs 799 crore reported in the year-ago period.
In terms of stock performance, LIC’s shares concluded at Rs 641.60, reflecting a marginal decrease of 0.36 percent compared to the previous closing price. Additionally, the gross non-performing assets (GNPA) percentage for this quarter demonstrated improvement, easing to 2.48%.
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