India News | LIC Profit Rises 10 Pc to Rs 10,461 Crore in Q1

New Delhi, Aug 8 (PTI) Life Insurance Corporation of India (LIC) on Thursday reported a 10 rise in its net profit to Rs 10,461 crore in the June 2024 quarter.

The state-owned life insurance behemoth had a net profit of Rs 9,544 crore in the year-ago period.

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The total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period, LIC said in a regulatory filing.

During the quarter under review, the first-year premium rose to Rs 7,470 crore as against Rs 6,811 crore in the year-ago period, it said.

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The insurer earned Rs 56,429 crore from renewal premiums as against Rs 53,638 crore a year ago.

Net income from investments during the quarter rose to Rs 96,183 crore as compared to Rs 90,309 crore in the April-June period of previous fiscal.

Solvency margin of LIC increased to 1.99 per cent as compared to 1.89 per cent in the same quarter a year ago.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)