Latest News | LIC Q1 Profit Jumps Multifold to Rs 9,544 Crore

New Delhi, Aug 10 (PTI) Life Insurance Corporation of India (LIC) on Thursday reported a multifold jump in its April-June quarter net profit to Rs 9,544 crore.

The state-run life insurance behemoth had a net profit of Rs 683 crore in the year-ago period.

Also Read | Rahul Gandhi on His Expunged Remarks in Lok Sabha: ‘Bharat Mata’ Apparently Unparliamentary Word in India Nowadays (Watch Video).

The total income increased to Rs 1,88,749 crore for the June quarter as against Rs 1,68,881 crore in the year-ago period, LIC said in a regulatory filing.

However, the first-year premium for the reporting quarter came down to Rs 6,811 crore as against Rs 7,429 crore in the year-ago period, it said.

Also Read | Hike Layoffs: Blockchain Gaming Company Sacks Around 55 People After 28% GST Imposed on Online Gaming.

The insurer earned Rs 53,638 crore as against Rs 50,258 crore in the same period a year ago.

Net income from investments during the quarter rose to Rs 90,309 crore as compared to Rs 69,571 crore in the April-June period of 2022-23.

Solvency margin of LIC increased to 1.89 per cent as compared to 1.88 per cent in the same quarter a year ago.

On the asset quality front, gross non-performing assets ratio eased to 2.48 per cent from 5.84 per cent in the same period 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)