LIC reports 1299% surge in Q1 profit

Mumbai Life Insurance Corporation of India on Thursday reported a 1,299 percent surge in net profit at Rs 9,543 crore for the quarter ended June 30, 2023 on higher income on investments. The insurance behemoth had reported a net profit of Rs 682 crore a year ago. The gross non-performing asset (GNPA) as of June 30 stood at 2.48 per cent as against 5.84 percent last year. Its net NPA was nil, same as last year.

Income from investments grew to Rs 90,309 crores in the Q1 from Rs 69,570 crore a year ago. The insurer’s first-year premium (FYP) saw a dip of 8.3 per cent Rs 6810 crore in the period under review from Rs 7429 crore a year ago. Addressing the media in the evening hours on Thursday, LIC Chairperson Siddharth Mohanty said, the market share of LIC in the industry stands at 65.42 per cent as of now. Yield on investment on policyholders’ fund increased remarkably, he added. We are targeting to achieve ‘insurance for all by 2047, he said.

Net premium income was Rs 98,362 crore from Rs 98,351 crore from the year-ago period. The company's transfer of funds from shareholders' accounts drastically decreased to Rs 1.48 crore from Rs 799 crore. The shares of LIC closed at Rs 641.60, down by 0.36 per cent over the last closing price.