Lic: LIC Q4 net profit surges over 5-fold to Rs 13,191cr - Times of India
[ad_1]
NEW DELHI: Insurance behemoth LIC on Wednesday posted a more than five-fold jump in consolidated net profit to Rs 13,191 crore for the fourth quarter ended March 2023. The insurer had earned a profit of Rs 2,409 crore in the same quarter a year earlier. However, the total income of the insurer during the March quarter declined to Rs 2,01,022 crore from Rs 2,15,487 crore in the same period of the previous fiscal, LIC said in a regulatory filing. LIC's income from first-year premium also came down to Rs 12,852 crore against Rs 14,663 crore in the same quarter previous fiscal. The income from renewal premiums in the reporting period rose to Rs 76,328 crore compared to Rs 71,473 crore a year ago, while the single premium decreased to Rs 43,252 crore from Rs 58,251 crore. For the entire financial year 2022-23, LIC registered a multi-fold rise in net profit to Rs 35,997 crore from Rs 4,125 crore in the previous financial year. The board of LIC has recommended a final divide