Life Insurance Corporation of India Ltd (LIC) said third-quarter standalone net profit surged multifold to ₹6,334.19 crore compared with ₹234.91 crore in the year-earlier period.
Net premium income grew 14.5% to ₹1.1 lakh crore, it said in a filing with exchanges.
In a press release, LIC said for the nine months ending December 31, 2022, it registered an increase of 20.7% in the total premium income to ₹3,42,244 crore.
Profit after tax for the nine months ended December 31, 2022 jumped to ₹22,970 crore from ₹1,672 crore.
“The current period profit has increased due to transfer of an amount of ₹19,941.60 crore (net of tax), pertaining to the accretions on the available solvency margin, from non par to shareholders account,” LIC said in the release.
The amount comprises of ₹5,669.79 crore for the quarter ended December 31, besides ₹5,580.72 crore, ₹4,148.78 crore and ₹4,542.31 crore for the preceding three quarters, respectively.
M.R. Kumar, chairperson, LIC said, “We continue to remain focussed on creating a portfolio mix to optimise value for all stakeholders, and in that context, increasing the proportion of non-par business in a consistent and profitable manner.”
“We think the market is showing signs of robust growth and we are confident of retaining and also growing our market share going forward,” he added.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.