LIC Q2 net falls to Rs 7,925 crore

Asian life insurance giant Life Insurance Corporation of India (LIC) closed the second quarter of FY24 with an after tax profit of Rs 7,925.01 crore on a net premium income of Rs 107,396.76 crore.

In a regulatory filing, the Indian government owned LIC said for the quarter ended September 30, 2023, it had earned net premium of Rs 107,397.76 crore (Q2FY23 Rs 132,104.13 crore) and an after tax profit of Rs 7,925.01 crore (Rs 15,952.49 crore).

During the period under review, the LIC had earned an investment income of Rs 93,942.20 crore (Rs 84,103.64 crore).

The life insurer had paid benefits – claims/maturity benefits – to the tune of Rs 83,363.89 crore (Rs 84,269.04 crore).

As on September 30, LIC’s gross non-performing assets (NPA) and net NPA for the policyholder’s fund stood at Rs 11,643.95 crore (Rs 26,111.01 crore on September 30, 2022) and Rs 8.77 crore (Rs 12.71 crore on September 30, 2022). As on September 30, the LIC’s solvency ratio stood at 1.90.