LIC Q3 Results: Net Income Sees Multifold Rise To Rs 8,334.2 Crore

State-owned insurance behemoth Life Insurance Corporation (LIC) of India on Thursday announced a massive rise in its net income at Rs 8,334.2 crore during the three months ending December 2022 as against Rs 235 crore in the corresponding period a year ago. However, on quarter to quarter basis, net profit has seen a decline. LIC’s September quarter net profit was Rs 15,952.49 crore.

The Life Insurance Corporation (LIC) reported a net premium income of Rs 1,11,787.6 crore during the reporting quarter compared to Rs 97,620.34 crore during the same time last year, according to a regulatory filing. The first-year premium or new business premium grew to Rs 9,724.71 crore from Rs 8,748.55 crore in the December quarter of the previous financial year.

According to the company filing, LIC’s income from investments increased to Rs 84,889 crore from Rs 76,574.24 crore a year before.

M R Kumar, Chairperson, LIC said, “We continue to remain focussed on creating a portfolio mix to optimise value for all stakeholders, and in that context, increasing the proportion of Non-par business in a consistent and profitable manner. In the Individual business, on an APE basis, the share of Non Par Business has increased to 9.45% for the nine months ended December 31, 2022, as against 7.12% for full year ended March 31, 2022. While the relative growth of various products within the Non-par bucket will vary within each quarter, we believe we are firmly on our way to achieving the target product mix changes. We think the market is showing signs of robust growth and we are confident of retaining and also growing our market share going forward.”

LIC’s assets under management (AUM) increased to Rs 44,34,940 crore as on December 31, 2022 as compared to Rs 40,12,172 crore on December 30, 2021, registering an increase of 10.54 per cent year-on-year.

The operating expense ratio for the nine months ending December 31, 2022, increased by 27 bps to 15.26 per cent as compared to 14.99 per cent for the nine months ending December 31, 2021.