IPO-Bound LIC Posts Rs 235 Crore Profit In Third Quarter Of 2021-22
NDTV
The net profit of Life Insurance Corporation of India rose to Rs 234.91 crore in the third quarter of the current financial year from Rs 0.91 crore recorded in the corresponding period of last year.
The net profit of Life Insurance Corporation of India rose to Rs 234.91 crore in the third quarter of the current financial year from Rs 0.91 crore recorded in the corresponding period of last year.
For the first nine months of the current financial year, LIC has posted a net profit of Rs 1,642.78 crore as against a paltry Rs 7.08 crore net profit recorded during the corresponding period of 2020-21.
The sharp jump in LIC profit is largely due to the change in the surplus distribution model. The LIC Act has been amended to bring its surplus distribution model at par with private life insurers.
Before the amendment, the LIC had a single 'Life Fund'. Now it has been segregated into two. One is known as participating policyholders' fund, while the other is called non-participating policyholders' fund.
