LIC Aims to Acquire Health Insurance Companies

Release of the LIC Q1 FY 2025 result: On Thursday, the immensely popular insurance company, Life Insurance Corporation of India (LIC), announced its intention to join the health insurance market. The company intends to purchase a majority share in a stand-alone health insurance company, according to LIC MD and CEO Siddhartha Mohanty. LIC Q1 FY 2024 results were being announced at the time Mohanty was speaking.

Plans for the LIC health insurance segment disclosed: LIC Q1 FY 2024–25 quarterly result: Mohanty stated that composite licenses might be permitted in the future and that internal work is presently being done to analyse the standalone health insurance companies. LIC released its quarterly results for the quarter ending June 30, 2024, earlier in the day. The Q1 FY 2025 results, which LIC released on Thursday, showed a 10% increase in net profit to Rs 10,461 crore.

LIC Q1 FY 2024–25 quarterly result revealed: What the data indicates

LIC's net profit for the same period last year was Rs 9,544 crore. Compared to Rs 1,88,749 crore in the same quarter last year, the total income increased to Rs 2,10,910 crore in the June quarter.

"During the quarter under review, the first-year premium rose to Rs 7,470 crore as against Rs 6,811 crore in the year-ago period," LIC stated in a regulatory filing.

As per the exchange filing, LIC's renewal premium income was Rs 56,429 crore, compared to Rs 53,638 crore in the previous year. "During the quarter, net income from investments increased to Rs 96,183 crore, up from Rs 90,309 crore in the April–June quarter of the previous fiscal year. The solvency margin grew to 1.99% from 1.89% in the same quarter last year," the statement read.