LIC reports a multi-fold increase in Q1FY24 net profit; stock jumps ~4%

11 Aug 2023 , 11:11 AM

Life Insurance Corporation of India reported a 1,299% increase in net profit to Rs 9,543 crore for the quarter ended June 30, 2023 on the back of higher investment income. Last year, the insurance company declared a net profit of Rs 682 crore.

Following this development, company’s counter surged to an intraday high of Rs 679.

At around 10.55 AM, LIC was trading 2.99% higher at Rs 660.90, against the previous close of Rs 641.70 on NSE.

The gross non-performing asset (GNPA) as of June 30 was 2.48%, down from 5.84% in the previous year. Its net NPA was zero, as it was the previous year.

Investment income of the insurance behemoth increased to Rs 90,309 crore in the April-June FY24 quarter, up from Rs 69,570 crore in the previous corresponding quarter.

During the quarter ended June 30, 2023, the business sold a total of 32,16,301 policies in the individual segment, compared to 36,81,764 policies sold during the quarter ended June 30, 2022.

The insurance company’s first-year premium, an indicator of business development, was Rs 6,810 crore for the quarter, down 8.3% from Rs 7,429 crore a year before.

Net premium income was Rs 98,362 crore, up from Rs 98,351 crore in the previous corresponding quarter.

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