LIC Q1 Results: LIC's strong performance in June quarter, company's net profit increased manifold
LIC Q1 Profits: LIC today announced its results for the first quarter of the current financial year 2023-24 on 10 August 2023. LIC's net profit has increased manifold in the June quarter this year. LIC said in a statement that it had a net profit of Rs 638 crore in the same period last year. LIC shares closed down today.
Life Insurance Corporation of India (LIC) has released the first quarter results. As per the results, LIC has reported almost multiple-fold growth in consolidated net profit for the June quarter. The company's net profit for the quarter stood at Rs 9,544 crore. The company said that in the same period a year ago, the company had a net profit of Rs 683 crore.
LIC said in a regulatory filing that total income rose to Rs 1,88,749 crore in the June quarter from Rs 1,68,881 crore in the year-ago period. At the same time, the company's premium declined to Rs 6,811 crore during the quarter, as against Rs 7,429 crore in the year-ago period.
Whereas this year the company has earned Rs 53,638 crore from the insurer. Which was Rs 50,258 crore in the same period a year ago. Apart from this, the net income of the company has also increased. The company's net income for the quarter stood at Rs 90,309 crore. At the same time, it had increased to Rs 69,571 crore in the April-June period of the year 2022-23.
LIC's solvency margin improved to 1.89 percent from 1.88 percent in the year-ago quarter. The non-performing assets of the company declined to 2.48 percent from 5.84 percent in the year-ago period.
Today the shares of LIC Company closed with a decline. The company's shares fell 2.35 points to close at Rs 641.60 per share.
