Mumbai, Aug 8 (IANS): Life Insurance Corporation of India on Thursday reported a 9 per cent increase in its consolidated net profit to Rs 10,544 crore for the April-June quarter of the current financial year from Rs 9,635 crore in the same quarter last year, the company stated in a regulatory filing.
The government-owned insurer's net premium income rose 16 per cent to Rs 1.14 lakh crore in the first quarter of 2024-25 as compared to Rs 98,755 crore in the first quarter of 2023-24.
New Business Premium Income (Individual) increased by 13.67 per cent to Rs 11,892 crore. Overall annual premium equivalent (APE) jumped 21.28 per cent to Rs 11,560 crore. Individual Business Non-Par APE increased by 166 per cent to Rs 1,615 crore. Group Business APE increased by 34 per cent to Rs 4,813 crore. Non-Par APE share within Individual business was at 24 per cent for Q1 FY25 as compared to 10.22 per cent in Q1 FY24.
Value of New Business increased by 24 per cent to Rs 1,610 crore with the net margin increasing by 20 bps to 14 per cent, the company said.
At the post-result media conference, LIC’s Chief Executive Officer and Managing Director Sidhartha Mohanty said: "A total of 35,65,519 policies were sold in the individual segment during the quarter ended June 30th, 2024 as compared to 32,16,301 policies sold during the quarter ended June 30th, 2023 registering a growth of 10.86 per cent."
LIC also updated the stock exchanges about its operations in Bangladesh following the political upheaval and change in regime in the neighbouring country.
"LIC of Bangladesh Ltd. has partially resumed operations with effect from August 8, 2024. The situation in Bangladesh has still not reached the stage of normalcy and may continue to hamper the operations. Till the time the normalcy is restored, the impact of the situation cannot be ascertained," LIC said in a regulatory filing.
The insurance giant continues to be the market leader with an overall market share of 64.02 per cent measured in terms of First Year Premium Income as per IRDAI estimates. LIC's share price on BSE was hovering at around Rs 1,124 apiece on Thursday.