LIC Q2 net profit slips 4% to Rs 7,621 cr

New Delhi: State-owned insurer LIC on Friday reported a 3.8 per cent decline in net profit to Rs 7,621 crore for the quarter ended September 30, on lower other income. The country’s biggest insurer had reported a net profit of Rs 7,925 crore in the year-ago period, LIC said in a regulatory filing.

Its net premium income increased to Rs1,19,901 crore in the second quarter of the current fiscal, from Rs1,07,397 crore in the same period a year ago. Other income of the insurer almost halved to Rs 145 crore from Rs 248 crore in the same quarter in the previous year. However, total income rose to Rs2,29,620 crore in the latest September quarter, compared to Rs2,01,587 crore in the year-ago period, it said. Total expenses rose to Rs2,22,366 crore in the quarter as against Rs 1,94,335 crore in the same period a year ago.

Solvency ratio increased to 198 per cent from 190 per cent at the end of September 30, 2023. At the same time, Gross NPAs came down to 1.72 per cent from 2.43 per cent at the end of the second quarter of the previous year. For the first half ended September 2024, LIC recorded profit growth of 3.5 per cent to Rs18,082 crore as compared to Rs17,469 crore for the half year ended September 30, 2023, the insurer said in a statement. In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader in the Indian life insurance business.