LIC’s Q3 profit zooms 49% to Rs 9,441 crore

LIC Q3 results: On February 8, the Life Insurance Corporation (LIC) of India disclosed a notable 49 per cent year-on-year (YoY) surge in net profit, reaching Rs 9,441 crore for the October-December quarter of the fiscal year 2023-24, compared to Rs 6,334 crore reported in the corresponding period last year.

In its exchange filing, the country's largest insurer revealed a 4.67 per cent increase in net premium income, which amounted to Rs 1.17 lakh crore during the reviewed quarter, up from Rs 1.11 lakh crore in the previous year. Additionally, LIC announced an interim dividend of Rs 4 per share.

Notably, LIC's gross non-performing assets (GNPAs) notably improved, declining to 2.15 per cent from 5.02 per cent in the previous year. The insurer's solvency ratio also demonstrated improvement, standing at 1.93 per cent compared to 1.85 per cent in the corresponding quarter of the previous year.

Furthermore, the Assets Under Management (AUM) saw a substantial increase, rising to Rs 49.66 lakh crore as of December 2023, compared to Rs 44.34 lakh crore recorded on December 31st, 2022, marking an 11.98 per cent YoY growth.

Following this positive financial report, shares of the insurer closed at Rs 1,106.25 each on the BSE, marking a notable increase of 5.86 per cent.