LIC Q3 net up 17% to ₹12,958 crore
The Hindu
State-owned Life Insurance Corporation of India (LIC) reported standalone net profit for the December quarter increased more than 17% to ₹12,958.22 crore from ₹11,056.47 crore a year earlier.
State-owned Life Insurance Corporation of India (LIC) reported standalone net profit for the December quarter increased more than 17% to ₹12,958.22 crore from ₹11,056.47 crore a year earlier.
The higher net profit came on 17.5% increase in the net premium income to ₹1,25,613.36 crore (₹1,06,891.48 crore). Total income increased nearly 16% to ₹2,33,983.79 crore (₹2,01,993.68 crore). Income from investments for the life insurer was at ₹1,07,608.28 crore as against ₹94,335.72 crore in the same period of corresponding fiscal.
Consumers and the companies in the life insurance industry have responded positively to the various initiatives of the government, especially to GST 2.0, CEO and MD R.Doraiswamy said, referring to the GST exemption since September 22, from 18% earlier, on individual life insurance policies.
“At LIC, we have further increased our performance by achieving higher and better parameters on volume growth as well as product and channel diversification,” he said. For the nine months ended December, LIC posted an almost 17% increase in net profit to ₹33,998 crore (₹29,138 crore).
To queries around government plans to reduce stake in LIC, he said the government is committed to paring its holding to 10%, as required within five years from the May 2022 IPO. The timing of the reduction, in tranches, as well as whether it will be an offer for sale (OFS) or qualified institutional placement (QIP) will be decided by the government, he said.
The government, whose holding in LIC is 96.5% post the IPO, to comply with the mandated 10% public shareholding requirement is required to shed an additional 6.5% holding by May 2027.
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