On February 9, the Life Insurance Corporation of India (LIC) declared a net profit of Rs 8,334.19 crore for the December quarter of the fiscal year 2022–23, a multifold year-on-year gain due to significant growth.
The comparable quarter net profit in the previous year was Rs 234.91 crore.
The net premium income of the life insurance behemoth increased by 14.5 percent to Rs 1.11 lakh crore from Rs 97,620 crore in the same period last year. The first-year premium, or new business premium, increased to Rs 9,724.71 crore from Rs 8,748.55 crore in the previous fiscal year’s December quarter.
