LIC Q4FY23 profit leaps 466% to Rs 13,427.8 cr
Mumbai: Life Insurance Corporation of India (LIC) Wednesday reported a Q4FY23 standalone net profit of Rs 13,427.8 crore, marking a growth of 466 percent compared to the same period in the previous fiscal year.
According to a filing with the exchanges on May 24, the standalone net profit for the March FY22 quarter of the country's largest insurer was Rs 2,371.5 crore.
The company reported a sequential growth in profit of 112 percent.
During the financial year 2022-23, the Life Insurance Corporation of India (LIC) posted a net profit of Rs 36,397 crore, a massive increase compared to the net profit of Rs 4,043 crore reported in the previous financial year.
The standalone net premium income for the quarter ended March FY23 decreased by 8.3 percent year-on-year to Rs 1.31 lakh crore.
However, on a sequential basis, the net premium income showed a growth of 17.9 percent.
"The first year premium fell by 12.33 percent on-year to Rs 12,811.2 crore, but the renewal premium increased by 6.8 percent to Rs 76,009 crore compared to year-ago period," the life insurance major said in its filing to exchanges on May 24.
LIC recorded a net commission of Rs 8,428.5 crore for the last quarter of the financial year 2022-23, reflecting a growth of 5.4 percent compared to the year-ago period. Furthermore, there was a significant increase of 33.4 percent compared to the previous quarter.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
With heavy hearts, devotees bid farewell to Goddess Durga across Northeast
13, including 10 children, die in two separate Durga idol immersion tragedies in Madhya Pradesh
Prez Droupadi Murmu, PM Modi pay tributes to Mahatma Gandhi and Lal Bahadur Shastri on birth anniversaries
Centre orders probe into Tamil Nadu-based cargo firm Wintrack Inc’s charges against Chennai Customs
