Tremendous Surge in Revenue
In the first quarter of the current financial year, the net profit of Life Insurance Corporation of India (LIC) has multiplied several times to reach 9,544 crore rupees. The company provided this information on Thursday. In the same quarter of the previous financial year, the state-owned insurance company had earned a net profit of 683 crore rupees. LIC informed the stock market that the company's total income increased to 1,88,749 crore rupees in the June quarter, compared to 1,68,881 crore rupees in the same quarter of the previous financial year. The company stated that although the premium decreased to 6,811 crore rupees in the June quarter from 7,429 crore rupees in the same period of June 2022.
Higher Profit Than the Same Quarter Last Year
In the June quarter, the insurance company earned 53,638 crore rupees, whereas in the same quarter of the previous financial year, it had earned 50,258 crore rupees. The net income from investments increased to 90,309 crore rupees in the June quarter, compared to 69,571 crore rupees in the same period of June 2022. In terms of asset quality, the Non-Performing Assets (NPAs) ratio improved to 2.48% in the June quarter, with improvements in total impaired assets, compared to 5.84% in the same quarter of the previous financial year.