LIC's Q3 Net Profit Surge by 49% Year-on-Year, Reaching ₹9,444 Crore

9 Feb 2024 , 11:23 AM

On Thursday, the state-owned Life Insurance Corporation (LIC) declared a standalone net profit of ₹9,444 Crore for the quarter ending December 2023. The earnings increased by 49% from ₹6,334 Crore in the previous corresponding quarter.

The net premium income for the third quarter increased 5% year-on-year to ₹1.17 Lakh Crore, compared to ₹1.11 Lakh Crore in the same quarter last year.

The Board has also declared an interim dividend of ₹4 Per Share for fiscal year 2023–24. Furthermore, the record date for the same is set at February 21.

The interim dividend will be paid within 30 days after the date of proclamation. In terms of market share as defined by first-year premium income, LIC is the market leader in Indian life insurance, accounting for 58.90%.

The solvency ratio increased to 1.93% in the third quarter, compared to 1.9% in the previous September quarter and 1.85% a year before.

The 13th month persistency ratio was 70.89% in the reported third quarter, compared to 71.19% in the second quarter and 70.94% in the year-ago quarter.

In the October-December 2023 period, the yield on investments in policyholders’ funds (including unrealised gains) was 21.24%.

For the nine months ending December 2023, LIC reported a net profit of ₹26,913 Crore, up from ₹22,969 Crore in the previous fiscal year.

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