LIC Q1 net profit jumps to Rs 683 crore; market share rises

August 12, New Delhi: Life Insurance Corporation of India (LIC), the country’s largest insurer, reported a net profit of Rs 682.88 crore for the quarter ended June 30, 2022, up from a measly Rs 2.94 crore in the previous year’s similar period.

However, the net profit is down sequentially. LIC’s net profit for the January-March 2022 quarter was Rs 2,371.5 crore.

The Life Insurance Corporation of India’s Board of Directors approved the standalone and consolidated financial results for the quarter ended June 30, 2022.

For the quarter ended June 30, 2022, LIC registered an increase of 20.35 per cent in the Total Premium Income at Rs 98,352 crore as compared to Rs 81,721 crore for the quarter ended June 30th 2021.

“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,” MR Kumar, Chairperson, LIC, said in a statement.

“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. However, 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,” he said.