State-run life insurer LIC on Friday logged a 50 per cent drop in net profit at Rs 7,925 crore for the quarter ended September 30 (Q2), on lower income. The country’s biggest insurer posted a net profit of Rs 15,952 crore in the year-ago period, LIC said in a regulatory filing.
LIC’s net premium income eased to Rs 1,07,397 crore in the second quarter of the current fiscal, from Rs 1,32,631.72 crore in the same period a year ago. The insurer’s total income declined to Rs 2,01,587 crore in the latest September quarter, compared to Rs 2,22,215 crore in the year-ago period, it said.
The insurer’s gross non-performing assets (GNPAs) stood at 2.43 per cent as against 5.60 per cent in the previous year. Its net NPA remained unchanged from the year-ago period.
The insurer’s income from investments grew to Rs 93,942 crore from Rs 84,103 crore last year. The solvency ratio, a key metric, improved marginally from 1.88 per cent last year to 1.90 per cent in Q2FY24. First year premium of the insurer improved to Rs 9,988 crore in Q2FY24 from Rs from Rs 9,142 crore in Q2FY23.
LIC’s net commission for the quarter improved to Rs 6,077 crore from Rs 5,807 crore.
Stock of LIC closed at Rs 610.55 apiece on the BSE on Friday, down 0.68 per cent from the previous close.
Coal India Net Profit Rises 12.5% To Rs 6,799 Crore
State-run Coal India on Friday clocked a 12.5 per cent rise in consolidated net profit to Rs 6,799.77 crore for the September quarter on account of higher sales. The company’s net profit stood at Rs 6,043.55 crore in the year-ago period, Coal India Ltd (CIL) said in a regulatory filing.
Its consolidated sales increased to Rs 29,978.01 crore in the July-September period from Rs 27,538.59 crore a year ago. However, total expenses of the company rose 9.3 per cent in the second quarter of the current fiscal to Rs 26,000.05 crore over Rs 23,770.12 crore in the year-ago period.
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