LIC Q2 Results | Delhi: LIC Reports Decline in Quarterly Profit Despite Higher Premium Collections
LIC Q2 Results: LIC announced quarterly results. It recorded a 4 percent decline in profit.
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Delhi: State-owned insurer Life Insurance Corporation (LIC) has released its financial results for the quarter ending September. LIC reported a standalone net profit of ₹7,621 crore, marking a 4% decline from the ₹7,925 crore profit recorded in the same period last year. While income from first premiums saw growth, the decrease in other income contributed to the dip in overall profit.
In the quarter under review, LIC’s premium income rose by 11% to ₹1.19 lakh crore, up from ₹1.07 lakh crore in the corresponding quarter last year. Total revenue increased to ₹2.29 lakh crore, compared to ₹2.01 lakh crore a year ago, while total expenses rose from ₹1.94 lakh crore to ₹2.22 lakh crore. LIC’s regulatory filing also noted a decline in other income, which dropped to ₹145 crore from ₹248 crore in the previous year.
First Premium Collections Surge
LIC’s first premium collections grew by 12% in Q2, reaching ₹11,201 crore, up from ₹9,988 crore in the same quarter last year. The company reported selling 91.70 lakh new individual policies in the first half of the current fiscal year, securing a 61.07% market share in life insurance, up from 58.50% in the first half of last year.
Following the results, LIC’s stock closed at ₹915.55 on the NSE, down 1.5%.
