LIC Q1 net up 23% to ₹13,492 cr on higher premium and new biz
Life Insurance Corporation of India (LIC) reported a 23% increase in net profit for the June quarter, reaching ₹13,492 crore. The growth was driven by higher premium income and a significant expansion in the value of new business.
Why it matters
As a state-owned giant, LIC's performance is a key indicator of the health of the Indian insurance sector and broader financial market stability.
Life Insurance Corporation of India’s (LIC’s) standalone net profit for the June quarter rose 22.81% year-on-year (YoY) to ₹13,492 crore on higher premium income and a surge in value of new business (VNB).
Total premium income of the State-owned insurer increased 6.75% YoY to ₹1,27,250 crore. CEO and MD R.Doraiswamy said despite increasing competition in the life insurance industry, LIC was able to maintain its leadership in both individual and group business during the quarter.
“Our overall market share by first year premium income was 60.10% and this fits in well with our market share strategy. VNB has grown by 61% plus to ₹3,136 crore and VNB margin expanded by 7.5% to 22.90%. This is a direct outcome of our product diversification and distribution strategy,” he said.
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