LIC reported a profit of Rs 18,082 crore, up 3.5 per cent, as against Rs 17,469 crore for the half year ended September 30, 2023.
Public sector life insurance company Life Insurance Corporation of India (LIC) has suffered a slight setback in the second quarter of the current financial year. Giving information on Friday, LIC said that its net profit in the quarter ended September 30 fell by 3.8 percent to Rs 7,621 crore. According to Bhasha news, the company had registered a net profit of Rs 7,925 crore in the same quarter a year ago.
Decline in net premium income
The insurance company said in a regulatory filing that its net premium income declined to Rs 1,19,901 crore in the second quarter of the current financial year from Rs 1,07,397 crore in the same period a year ago. The insurance company’s second income fell by almost half to Rs 145 crore from Rs 248 crore in the same quarter last year. LIC said that total income increased to Rs 2,29,620 crore in the September quarter as against Rs 2,01,587 crore in the same quarter a year ago.
Solvency ratio also increased
According to the news, total expenditure during the second quarter increased to Rs 2,22,366 crore as against Rs 1,94,335 crore in the same quarter a year ago. Solvency ratio increased from 190 per cent to 198 per cent at the end of September 30, 2023. During the same period, gross NPA declined to 1.72 per cent from 2.43 per cent at the end of the second quarter of last year. For the first half year ending September 2024, LIC reported a profit of Rs 18,082 crore, up 3.5 per cent from Rs 17,469 crore for the half year ending September 30, 2023, the insurer said.
Company’s market share 61.07 per cent
In terms of market share measured by first year premium income, LIC continues to be the market leader in the Indian life insurance business with an overall market share of 61.07 per cent, as against 58.50 per cent in the first half of the previous fiscal. Total premium income increased to Rs 2,33,671 crore as compared to Rs 2,05,760 crore for the six month period ended September 30, 2023, registering a growth of 13.56 per cent.
