LIC posted 17% rise in profit to ₹11,056 crore in Q3, while net premium income declined 8.6% to ₹106,891.48 crore.
The country’s largest insurance company, Life Insurance Corporation of India (LIC) today announced its financial results for the December quarter. The company’s net profit in the third quarter of the current financial year increased by 17% year-on-year to ₹ 11,056 crore, from ₹ 9,444.42 crore in the same quarter last year. However, LIC’s net premium income declined by 8.6% year-on-year, from ₹ 117,016.93 crore to ₹ 106,891.48 crore.
Life Insurance Corporation of India (LIC) said in a regulatory filing on Wednesday that it has received a GST notice demanding ₹ 105.42 crore. This notice has been given for underpayment of Goods and Services Tax (GST) in the last seven financial years, which includes interest and penalty for several states. The company received the notice on February 5.
PAT increased by 8.27% in 9 months
LIC’s profit after tax (PAT) increased by 8.27% to Rs 29,138 crore in the first nine months of the current financial year. Individual business non-participating APE increased by 106.52% to Rs 6,813 crore. Similarly, the share of non-participating APE in individual business stood at 27.68% in 9MFY25, while it was 14.04% in 9MFY24.
The value of new business (VNB) increased by 9.08% to Rs 6,477 crore. VNB margin (net) increased by 50 bps to 17.1%, while the premium income of new business (individual) increased by 9.73% to Rs 42,441 crore. At the same time, total premium income increased by 5.51% to ₹ 3,40,563 crore in nine months. Asset under management (AUM) increased by 10.29% to ₹ 54,77,651 crore.
Dominance in the market continues
LIC continues to maintain its leadership position in India’s insurance sector. During the last 9 months, the company’s total market share was 57.42%. Although this is slightly lower than 58.90% last year, LIC still remains a leader in its field. The company’s market share in the individual business segment was 37.21%, while in the group business segment it was recorded at 71.70%.