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State-run insurance giant Life Insurance Corporation (LIC) on Friday said its September quarter consolidated net profit after tax (PAT) surged multi-fold to ₹15,952 crore from ₹1,434 crore in the corresponding quarter of the last fiscal year.
In the April to June quarter, the insurer had reported a net profit of ₹682.9 crore.
LIC’s net premium income improved to ₹1.32 lakh crore in the reporting quarter, up 27% from ₹1.04 lakh crore in the year-ago period.
The first-year premium, an indication of business growth, was at ₹9124.7 crore, up 11% for the quarter compared with ₹8198.30 crore a year ago.
The renewal premium rose 2% to ₹56,156 crore while single premium soared 62% to ₹66,901 crore.
Ahead of the announcement of the result, LIC stock ended 1.17% higher at ₹628.05 on BSE.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
