The country’s largest insurance company, Life Insurance Corporation of India (LIC), posted a daily profit of Rs 116 crore in the first quarter. On the other hand, the company’s revenue also crossed Rs 2 lakh crore. Apart from this, there has also been an increase in premium income. It is a matter of joy for the company that customers who had dropped their policies or were not paying the premium have also returned in this quarter. There has also been an increase in its revenue after policy renewal. Let us also tell you what kind of numbers LIC has presented in its quarterly results.
Increased profits and income.
The net profit of the country’s largest insurance company rose 10 per cent year-on-year to Rs 10,461 crore in the April-June quarter of the current financial year. The company’s net profit in the same quarter of the last financial year was Rs 9,544 crore. The country’s largest insurance company LIC said in its information provided to the stock exchange on Thursday that its total income in the June quarter was Rs 2,10,910 crore, as against Rs 1,88,749 crore in the same quarter of the last financial year. The company said that the premium for the first year of the policy rose to Rs 7,470 crore in the quarter under review, as against Rs 6,811 crore in the same period last year.
The increase in net income also
LIC earned Rs 56,429 crore from renewal of premiums of old policies in the first quarter of the current financial year, compared with Rs 53,638 crore in the same period last year. LIC’s net investment income rose to Rs 96,183 crore in the June quarter, from Rs 90,309 crore in the same quarter last year. In the latest quarter, LIC’s solvency margin ratio (ability to pay claims) rose to 1.99 per cent, from 1.89 per cent in the same quarter last year.
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If we talk about the company’s stock, LIC shares remained stable on Thursday. On Thursday, the company’s stock closed at Rs 1,125.70 with an increase of Rs 1.80. The company’s stock had hit the day’s low of Rs 1,119.15 during the trading session. At present, LIC is the second-largest public company in the country after SBI. The market capitalisation of the company was Rs 7 lakh crore.
