LIC’s Q2 net surges 32% to Rs 10,053 cr
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New Delhi: Life Insurance Corporation of India (LIC) on Thursday reported a robust 32 per cent increase in standalone net profit to Rs10,053.39 crore for the second quarter of the current financial year, compared with the corresponding figure of Rs7,620.86 crore in the same period of the previous financial year.
LIC’s net premium income grew 5.5 per cent year-on-year to Rs1.26 lakh crore during the July-September quarter from 1.2 lakh crore in the same period last year while the solvency ratio increased to 2.13 per cent from 1.98 per cent in the year-ago period.
R Doraiswamy, CEO and MD of LIC, said that the company is very optimistic about the positive impact of the GST changes announced for the Insurance Industry by the Government.
“It is our firm belief that these changes are in the best interest of customers and will lead to further accelerated growth of the life insurance industry in India. As LIC, we have ensured that all intended benefits of GST changes are passed onto the customers.” Doraiswamy added.
