LIC Q1 Results: Profit Zooms Multi-fold To Rs 603 Cr
The Life Insurance Corporation of India (LIC) on Friday released its financial results for the quarter ended June 30, 2022 and reported a multi-fold jump in its consolidated net profit at Rs 603 crore compared to Rs 2.94 crore in the same quarter a year ago.
Its net premium income also improved to Rs 98,805.23 crore in the quarter under review compared to Rs 82,375.61 crore in the year-ago quarter.
“As the Covid situation normalises, we are seeing a larger activity on the ground, therefore bringing us back closer to our model of having “feet on street” and continuous in person engagement with our customers. While the growth numbers are very robust for the first quarter as seen in comparison to the same quarter of FY 2021-22, we are aware that the Q1 of the previous year, FY 2021-22 was impacted by a very tough second wave of Covid,” said M.R. Kumar, Chairperson, LIC.
"The trajectory seems upwards for sure and we are looking at increased business volumes as is evident in our market share in the year to date since January 2022. Finally, we are glad to inform that LIC has been now included in the Fortune 500 list of companies and is placed at number 98 in the list. With this ranking, LIC is the top ranked Indian company on the Fortune 500 list," Kumar added.
On a sequential basis, the net profit was down from Rs 2,371.5 crore logged in the March quarter.
During the quarter, LIC sold policies worth Rs 36,81,764 crore, which is almost 60 per cent more on a year-on-year (YoY) basis. The Total New Business Premium Income was up 36 per cent to Rs 10,938 crore.
On an Annualised Premium Equivalent (APE) basis, the total premium was Rs 10,270 crore for the quarter ended June 30th 2022, it said.
LIC's agent strength, however, dipped marginally in the last quarter to 1.33 million, compared to 1.34 million in June 2021.
