May 28, 2024 10:04 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Bibhav Kumar's bail, if granted, will be a death threat for me and my family: Swati Maliwal to Delhi HC | Now we don't trust Gujarat govt: High Court raps State and local body over Rajkot gaming zone fire incident | Delhi CM Arvind Kejriwal requests Supreme Court to extend his interim relief by 7 days in liquor policy case | Cyclone Remal leaves trail of destruction in West Bengal, claims 2 lives, downpour continues | 'Man-made disaster': Gujarat High Court takes suo motu cognizance of Rajkot gaming zone fire that killed 27 people
LIC Q3FY24: Profit grows 49% YoY to Rs 9,441 cr
Photo courtesy: Avishek Mitra/IBNS

LIC Q3FY24: Profit grows 49% YoY to Rs 9,441 cr

| @indiablooms | 08 Feb 2024, 11:15 pm

Mumbai: The Life Insurance Corporation (LIC) of India announced a 49 percent surge in net profit to Rs 9,441 crore for the October-December quarter of the fiscal year 2023-24, an increase from the Rs 6,334 crore reported in the same period last year.

According to a filing with the stock exchange, net premium income saw a modest growth of 4.67 percent, reaching Rs 1.17 lakh crore compared to Rs 1.11 lakh crore in the previous year's corresponding quarter.

LIC declared an interim dividend of Rs 4 per share.

The total annual premium equivalent (APE), a metric used to gauge new business sales growth, rose to Rs 13,163 crore from Rs 12,370 crore in the prior year.

The insurer's value of new business also witnessed a significant uptick, reaching Rs 2634 crore compared to Rs 1801 crore previously.

LIC's gross non-performing assets (GNPAs) dropped to 2.15 percent from 5.02 percent in the preceding year, while its solvency ratio increased to 1.93 percent from 1.85 percent in the corresponding quarter last year.

Furthermore, the Assets Under Management (AUM) witnessed an increase, climbing to Rs. 49.66 lakh crore by December 2023 from Rs. 44.34 lakh crore by December 31st, 2022, marking an 11.98 percent year-on-year rise.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.