Chennai, Aug 10 (IANS): Asian life insurance major Life Insurance Corporation of India (LIC) on Thursday said it closed the first quarter of FY24 with a higher net profit of Rs 9,543.71 crore.

In a regulatory filing, LIC said for the first quarter of FY24, it has earned a total net premium of Rs 98,362.75 crore (against Q1FY23's Rs.98,351.76 crore) and a net profit of Rs 9,543.71 crore (Rs 682.88 crore).

During the period under review, LIC had earned an investment income of Rs 90,309.37 crore (Rs 69,570.81 crore) and had paid benefits (claims, maturity proceeds) of Rs 74,844.54 crore (Rs 68,656.70 crore).

The first quarter saw LIC’s expenses of management coming down to 12.85 per cent (14.59 per cent) while its solvency margin went up to 1.89 (1.88).

As on June 30, 2023, LIC’s gross non-performing assets stood at Rs 11,742.38 crore (Rs 26,619.66 crore) and the net NPA at Rs 6.89 crore (Rs 8.38 crore).

Meanwhile, LIC auditors has commented that the figures under the heads 'Outstanding unclaimed amounts/deposits' and 'Interest accrued on unclaimed amounts' totalling Rs 18,851.68 crore do not match with 'Assets pertaining to unclaimed amounts' of Rs. 18,843.64 crore.