New Delhi May 27 (IANS): Life Insurance Corporation of India (LIC) on Monday reported a 2.5 per cent increase in net profit at Rs 13,763 crore for the January-March quarter of the financial year 2023-24 compared to the corresponding figure of Rs 13,421 crore in the same period last year.

The country’s largest announced an interim dividend of Rs 6 per share.

The insurance behemoth also reported an improvement in its asset quality as gross non-performing assets (GNPA) fell to 2.01 per cent from 2.56 per cent in the year-ago period.

The value of new business of the company rose by 4.66 per cent to Rs 9,583 crore with the margin increasing by 0.6 per cent to 16.8 per cent.

The insurance giant sold a total of 2.03 crore policies in the individual segments compared to 2.04 crore policies sold in FY23.

In the fourth quarter, LIC witnessed an uptick in its Annual Premium Equivalent (APE), recording a 10.7 per cent increase to Rs 21,180 crore compared to Rs 19,137 crore in the previous year.

The company’s Assets Under Management (AUM) increased to Rs 51.21 lakh crore as on March 2024 as compared to Rs 43.97 lakh crore on March 31st, 2023 registering an increase of 16.48 percent year on year.

The solvency ratio of the insurer was at 1.98 per cent up from 1.87 per cent last year.