-, May 25, 2023, India Blooms News Service
Mumbai: Life Insurance Corporation of India (LIC) Wednesday reported a Q4FY23 standalone net profit of Rs 13,427.8 crore, marking a growth of 466 percent compared to the same period in the previous fiscal year.
According to a filing with the exchanges on May 24, the standalone net profit for the March FY22 quarter of the countrys largest insurer was Rs 2,371.5 crore.
The company reported a sequential growth in profit of 112 percent.
During the financial year 2022-23, the Life Insurance Corporation of India (LIC) posted a net profit of Rs 36,397 crore, a massive increase compared to the net profit of Rs 4,043 crore reported in the previous financial year.
The standalone net premium income for the quarter ended March FY23 decreased by 8.3 percent year-on-year to Rs 1.31 lakh crore.
However, on a sequential basis, the net premium income showed a growth of 17.9 percent.
The first year premium fell by 12.33 percent on-year to Rs 12,811.2 crore, but the renewal premium increased by 6.8 percent to Rs 76,009 crore compared to year-ago period, the life insurance major said in its filing to exchanges on May 24.
LIC recorded a net commission of Rs 8,428.5 crore for the last quarter of the financial year 2022-23, reflecting a growth of 5.4 percent compared to the year-ago period. Furthermore, there was a significant increase of 33.4 percent compared to the previous quarter.