Insurance giant LIC (Life Insurance Corporation) of India registered a marginal 2% surge in net profit at Rs. 13,763 crore in the fourth quarter ended March 2024. In a regulatory filing, the government-run body announced that its total income during the reporting quarter rose to Rs. 2,50,923 crore from Rs. 2,00,185 crore in the same period of the previous fiscal.
LIC’s revenue from first-year premium also improved to Rs. 13,810 crore in the latest January-March quarter against Rs. 12,811 crore in the same period of the preceding fiscal. The income from renewal premiums in the reporting period rose to Rs. 77,368 crore compared to Rs. 76,009 crore a year ago. During the entire financial year that ended in March 2024, the insurer earned a profit of Rs. 40,676 crore as compared to Rs. 36,397 crore in the previous fiscal.
