Life Insurance Corporation of India Ltd (LIC) said third-quarter standalone net profit surged multifold to ₹6,334.19 crore compared with ₹234.91 crore in the year-earlier period.
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Net premium income grew 14.5% to ₹1.1 lakh crore, it said in a filing with exchanges.
In a press release, LIC said for the nine months ending December 31, 2022, it registered an increase of 20.7% in the total premium income to ₹3,42,244 crore.
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Profit after tax for the nine months ended December 31, 2022 jumped to ₹22,970 crore from ₹1,672 crore.
“The current period profit has increased due to transfer of an amount of ₹19,941.60 crore (net of tax), pertaining to the accretions on the available solvency margin, from non par to shareholders account,” LIC said in the release.
The amount comprises of ₹5,669.79 crore for the quarter ended December 31, besides ₹5,580.72 crore, ₹4,148.78 crore and ₹4,542.31 crore for the preceding three quarters, respectively.
M.R. Kumar, chairperson, LIC said, “We continue to remain focussed on creating a portfolio mix to optimise value for all stakeholders, and in that context, increasing the proportion of non-par business in a consistent and profitable manner.”
“We think the market is showing signs of robust growth and we are confident of retaining and also growing our market share going forward,” he added.