LIC Q2 results: PAT rises multi-fold to ₹15,952 cr, net premium income up 27%
1 min read . Updated: 11 Nov 2022, 08:29 PM IST
Premium- LIC's net premium income improved to ₹1.32 lakh crore in Q2, up 27% from ₹1.04 lakh crore in the year-ago period
State-run insurance giant Life Insurance Corporation (LIC) on Friday said its September quarter consolidated net profit after tax (PAT) surged multi-fold to ₹15,952 crore from ₹1,434 crore in the corresponding quarter of the last fiscal year. The insurer recognised a gain due to changes in its accounting policy.
In the April to June quarter, the insurance giant had reported a net profit of ₹682.9 crore.
LIC's net premium income improved to ₹1.32 lakh crore in the reporting quarter, up 27% from ₹1.04 lakh crore in the year-ago period. The net income from investments jumped 10% YoY to ₹84,104 crore.
The first-year premium, an indication of business growth, was at ₹9124.7 crore, up 11% for the quarter compared with ₹8198.30 crore a year ago.
The renewal premium rose 2% to ₹56,156 crore while single premium soared 62% to ₹66,901 crore.
LIC's gross non-performing assets (NPA) for the September quarter came at ₹26,111 crore, as against ₹26,619 crore a quarter ago, and ₹28,929 crore a year ago.
The gross NPA ratio was down to 5.60% at the end of Q2 from 5.84% in Q1, and 6.57% a year ago.
tHE INSURERs 13th month persistency ratio - that measures a customer’s stickiness – was 70.52% in Q2, compared to 68.81% a year ago.
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Ahead of the announcement of the result, LIC stock ended 1.17% higher at ₹628.05 on BSE. The insurer, which listed in May following a record $2.7 billion share sale, has seen its stock tumble more than 28% from the listing price of ₹872.
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