In an effort to strengthen its bottom line, Life Insurance Corporation of India on Thursday reported an almost fourteen-fold increase in first-quarter profit.
For the quarter that ended on June 30, the firm reported a profit after tax of Rs 9,544 crore, up from Rs 683 crore in the same period last year.
The BSE closing price of LIC’s stock on Thursday was Rs 641.6, down 0.4%.
In an exchange filing, the business reported that net premium income remained largely constant at Rs 98,363 crore.
To increase its profitability, the state-owned insurer has been moving money from its shareholders’ fund to its non-participating fund.
Last year, Reuters revealed that the insurer intended to move Rs 1.8 lakh crore from policyholder funds into a fund designated for dividend payments or the issuance of bonus shares.
Its solvency ratio, which measures an insurer’s capacity to pay down its long-term debt, increased slightly from 1.88 to 1.89 over the previous year.
