Life Insurance Corporation of India (LIC) posted a 17% year-on-year (YoY) rise in net profit to Rs. 11,056 crore for the third quarter (Q3) ended December 2024, driven by a reduction in management expenses. The insurer had reported a net profit of Rs. 9,444 crore in the corresponding quarter last year.
However, net premium income declined to Rs. 1,06,891 crore, down from Rs. 1,17,017 crore in Q3 FY24. Similarly, total income fell to Rs. 2,01,994 crore from Rs. 2,12,447 crore in the previous year’s quarter.
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Key Financial Highlights (Q3 FY25):
- Net profit: Rs. 11,056 crore (+17% YoY)
- Net premium income: Rs. 1,06,891 crore (-8.7% YoY)
- Total income: Rs. 2,01,994 crore (-4.9% YoY)
- Expenses of management: Rs. 14,416 crore (down from Rs. 18,194 crore YoY)
Nine-Month Performance (April–December 2024):
- Net profit: Rs. 29,138 crore (+8% YoY)
- Total premium income: Rs. 3,40,563 crore (+5.51% YoY)
- Market share: 57.42% (First Year Premium Income basis, as per IRDAI)
- Assets Under Management (AUM): Rs. 54,77,651 crore (+10% YoY)
- Solvency ratio: 2.02 (up from 1.93 YoY)
- VNB margin: 17.1% (up from 16.6% YoY)
- Non-par share in individual business: 27.68% (up from 14.04% YoY)
Strategic Initiatives & Future Outlook
LIC Managing Director & CEO, Mr. Siddhartha Mohanty, emphasized the company’s focus on product and channel mix to adapt to a dynamic market. He also mentioned LIC’s ongoing exploration of investment in a standalone health insurer, though a final decision is unlikely within the current financial year.
Additionally, Bima Sakhi Yojana, launched by Prime Minister Narendra Modi on December 9, 2024, has seen significant success, with over 1.25 lakh women registered and 70,000 appointed as Bima Sakhis. LIC is also accelerating its digital transformation, with visible outcomes expected in the coming months.
LIC continues to dominate India’s life insurance market, reinforcing its commitment to financial security and national economic growth.
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