एलआईसी का दूसरी तिमाही का शुद्ध लाभ 4% घटकर 7,621 करोड़ रुपये रह गया, जबकि इसकी कुल आय बढ़कर 2,29,620 करोड़ रुपये हो गई।

LIC's net profit for Q2 declined by 4% to Rs 7,621 crore, while its total income increased to Rs 2,29,620 crore.

New Delhi: State-owned insurer LIC reported a 3.8% decline in net profit, which stood at Rs 7,621 crore for the quarter ending September 30, mainly due to a drop in other income. In the same period last year, the insurer had posted a net profit of Rs 7,925 crore, according to its regulatory filing.

Net premium income for the second quarter of FY24 was Rs 1,19,901 crore, up from Rs 1,07,397 crore in the corresponding quarter of the previous year.

The insurer's other income fell significantly, nearly halving to Rs 145 crore from Rs 248 crore in Q2 of FY23. However, total income increased to Rs 2,29,620 crore during the latest quarter, compared to Rs 2,01,587 crore a year ago.

Total expenses also rose, reaching Rs 2,22,366 crore, up from Rs 1,94,335 crore in the same quarter last year.

LIC's solvency ratio improved to 198% from 190% at the end of September 2023. Additionally, Gross NPAs decreased to 1.72% from 2.43% in the same period last year.

For the first half of FY24, LIC reported a 3.5% growth in profit, which stood at Rs 18,082 crore, compared to Rs 17,469 crore in the first half of FY23.

LIC maintained its leadership position in the Indian life insurance market, with a market share of 61.07% in First Year Premium Income (FYPI) for the half-year ending September 30, 2024, up from 58.50% during the same period last year. Total premium income for the first half of FY24 rose by 13.56%, reaching Rs 2,33,671 crore, compared to Rs 2,05,760 crore in the first half of FY23.

Individual New Business premium income also saw a significant increase, rising 17.29% to Rs 29,538 crore, compared to Rs 25,184 crore in the first half of the previous fiscal year.

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