On November 10, Life Insurance Corporation (LIC) of India reported a significant 50% decline in its net profit, with earnings totaling Rs 7,925 crore for the quarter ending September 30, 2023. In contrast, the insurance giant had posted a net profit of Rs 15,952 crore in the corresponding period last year.
During the reviewed quarter, LIC’s net premium income witnessed a 19% decrease, amounting to Rs 1.07 lakh crore, compared to Rs 1.32 lakh crore in the prior-year period.
LIC’s gross non-performing assets (GNPAs) notably improved, declining to 2.43% from 5.60% in the previous year. However, the net non-performing assets (NPAs) remained unchanged compared to the same period in the previous year.
Income from investments displayed growth, reaching Rs 93,942 crore, up from Rs 84,103 crore in the previous year. The stock closed at Rs 610.55 on the BSE, marking a 0.68% decrease from the previous day’s closing price.