The Life Insurance Corporation of India (LIC) has announced a robust financial performance for the first quarter of the fiscal year 2024-25, reporting a 10% increase in net profit to Rs 10,461 crore compared to Rs 9,544 crore in the corresponding quarter last year.
LIC’s total income for the quarter ended June 2024 surged to Rs 2,10,910 crore from Rs 1,88,749 crore a year ago, marking a significant growth trajectory. The first-year premium witnessed a notable rise, reaching Rs 7,470 crore as opposed to Rs 6,811 crore in the previous year’s first quarter. Additionally, renewal premiums saw an uptick to Rs 56,429 crore from Rs 53,638 crore, indicating sustained customer engagement and policyholder retention.
The insurer’s net income from investments during the quarter stood at Rs 96,183 crore, up from Rs 90,309 crore in the same period last fiscal, underscoring LIC’s effective management of investment portfolios amidst market fluctuations.
Furthermore, LIC’s solvency margin strengthened to 1.99%, compared to 1.89% a year ago, reflecting enhanced financial stability and risk management practices. The performance metrics underscore LIC’s resilience and strategic focus amidst evolving market dynamics, reinforcing its position as a cornerstone of India’s financial services sector.
