LIC Q1 Results

PAT rises multi-fold to ₹683 cr, premium income climbs over 20%

The net premium income for LIC increased to Rs 98,805.25 in the first quarter from Rs 82,375.61 crore in the same quarter last year.

In Q1FY23, the insurer's total premium income increased 20.35% to Rs 98,351.76 crore from Rs 81,721.41 crore in Q1 of the previous year. In the individual category, LIC sold 36.81 lakh policies during the quarter, up 59.56% from the 23.07 lakh sold during Q1FY22.

For the quarter ended June 30, 2022 (Q1FY23), the largest life insurer, LIC, saw a startling 23,127.21% increase in standalone net profit to Rs 682.89 crore, up from a profit of Rs 2.94 crore in the same quarter last year.

The total business of LIC had excellent growth year over year as marketing efforts accelerated. In Q1FY23, the insurer's total premium income increased 20.35% to Rs 98,351.76 crore from Rs 81,721.41 crore in Q1 of the previous year.

In the individual category, LIC sold 36.81 lakh policies during the quarter, up 59.56% from the 23.07 lakh sold during Q1FY22.

The net premium income for LIC increased to Rs 98,805.25 crore in the first quarter from Rs 82,375.61 crore in the same quarter last year.

When compared to Rs 38.13 lakh crore in Q1 of FY22, LIC's assets under administration grew by 7.57% to Rs 41.02 lakh crore as of June 30.

LIC sold insurance contracts of Rs 36,81,764 crore during the quarter, which is about 60% more compared to the same period last year. To reach Rs 10,938 crore, the total new business premium income increased by 36%.

Value of New Business (VNB) margins were 13.6%, while VNB value for the quarter ending in June was Rs 1,861 crore.

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