LIC net profit jumps to Rs. 9,543 crore in Q1

LIC’s has reported a standalone net profit at Rs 9,543.71 crore for the quarter ended June as against a profit of Rs 682.88 crore in the corresponding quarter of last year, a rise of 1,297 per cent.

However, the net premium income of LIC was almost flat at Rs 98,362.75 crore as compared to Rs 98,351.76 crore in the same period of last year. However, sequentially, the net profit declined 29 percent from Rs 13,428 crore reported in the March quarter. The net premium income dipped 25 percent quarter-on-quarter.

The income from investments of LIC, the largest investor in the stock markets, rose 29.80 percent to Rs 90,309 crore in the quarter under review, compared with Rs 69,571 crore in the same quarter of last fiscal.

Siddhartha Mohanty, Chairperson, LIC, said, “Our overall expense ratio has become better and our margins are stable on year-on-year basis.”