LIC's mortality claims down 20%in Q1 FY23

22 Aug 2022 , 08:16 AM

Despite the COVID impact appearing to be waning, the insurance giant LIC saw a drop in death claims of about 20% in the first quarter of the current fiscal year, according to news reports. However, the amount is still higher than pre-2020 levels.

According to LIC Chairman M R Kumar, who talked to ET, the amount for death claims settled in the June quarter of the last fiscal year was Rs7,111 crore, while it was Rs5,743 crore in the first quarter of this year.

Before the pandemic, Dinesh Pant, Executive Director and Appointed Actuary, Life Insurance Corporation, told ET that the claim rates had been very constant (LIC).

On the strength of record premium income, LIC’s net profit for Q1 FY23 increased to Rs682.88 crore from Rs2.94 crore in the corresponding quarter last year.