LIC Q1 net profit up 23% to ₹13,492 crore

Hyderabad: Life Insurance Corporation of India’s standalone net profit for the June quarter rose 22.81% year-on-year to ₹13,492 crore.

The state-owned insurer said the growth was supported by higher premium income and a surge in the value of new business.Total premium income increased 6.75% YoY to ₹1,27,250 crore.

CEO and MD R. Doraiswamy said that despite increasing competition in the life insurance industry, LIC was able to maintain its leadership in both individual and group business during the quarter.

“Overall market share by first year premium income was 60.10% and this fits in well with our market share strategy,” Doraiswamy said.