The results fell after the close of market hours. Shares of Life Insurance Corporation Ltd ended at Rs 593.55, up Rs 3.60, or 0.61% on BSE.
Public sector insurer Life Insurance Corporation (LIC) on Wednesday announced a 466% increase in net profit year-on-year (YoY) to Rs 13,428 crore for the fourth quarter which ended March 31, 2023. During in the corresponding quarter last year, the company recorded a net profit of Rs 2,371 crore, LIC said in a regulatory filing.
However, the insurer’s total revenue in the March quarter fell to Rs 2,01,022 crore from Rs 2,15,487 crore in the same period of the previous fiscal year. LIC’s income from the first year bonus also fell to Rs 12,852 crore from Rs 14,663 crore in the same quarter last year.
Renewal premium income during the reporting period increased to Rs 76,328 crore from Rs 71,473 crore a year ago, while one-time premium decreased to Rs 43,252 crore from Rs 58,251 crore. For the full financial year 2022-23, LIC recorded a multiple increase in its net profit to Rs 35,997 crore from Rs 4,125 crore in the previous financial year.