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LIC net profit surges to Rs 15,952 crore for September quarter

LIC net profit surges to Rs 15,952 crore for September quarter

LIC net profit surges to Rs 15,952 crore for September quarter
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By CNBCTV18.com Nov 11, 2022 7:58:55 PM IST (Published)

LIC's first year premium, which indicates business growth, came in at Rs 9,125 crore, up 11 percent from the same period last fiscal. 

The Life Insurance Corporation of India on Friday reported a Rs 15,952 crore net profit for the September quarter, a manifold increase from last year's Rs 1,434 crore.

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The insurer said that the profit increased to this extent due to change in accounting policy, which resulted in transfer of the accretion in the available solvency margin from non-par to shareholders funds amounting to Rs 14,27,180.41 lakh (net of tax) pertaining to the accretion on the available solvency margin. "The said amount comprises of Rs.5,58,071.76 lakh (net of tax) for the September quarter, Rs 4,14,877.76 lakhs (net of tax) for the June quarter and Rs 4,54,230.88 lakh (net of tax) for the March quarter," it informed the stock exchanges.
The insurer's first year premium, which indicates business growth, came in at Rs 9,125 crore, up 11 percent from the same period last fiscal.
Meanwhile, its net premium income was up 27 percent from last fiscal's Rs 1.04 lakh crore to Rs 1.32 lakh crore in the second quarter this fiscal.
Its renewal premium was up 2 percent at Rs 56,156 crore and single premium was up 62 percent at Rs 66,901 crore.
LIC's shares ended nearly 1.2 percent higher on the BSE at Rs 628 apiece, ahead of its earnings report on Friday.
The insurer made a lukewarm debut on stock exchanges in May. On BSE, LIC shares had listed at Rs 867.2 apiece, a discount of Rs 81.8 or 8.6 percent to the upper end of its issue price range of Rs 902-949 apiece. The LIC stock began its journey on NSE at Rs 872 apiece, a discount of Rs 77 or 8.1 percent.
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