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