JAMMU, Aug 12: Life Insurance Corporation of India (LIC), the country’s largest insurer, on Friday said its net profit jumped to Rs 682.88 crore for the quarter ended June 30, 2022, sharply higher than a mere Rs 2.94 crore net profit recorded in the corresponding period of the previous year.
However, the net profit is down on a sequential basis. For January-March 2022 quarter, LIC’s net profit stood at Rs 2,371.5 crore.
The Board of Directors of Life Insurance Corporation of India approved the standalone and consolidated financial results for the quarter ending June 30, 2022.
For the quarter ended June 30, 2022, LIC registered an increase of 20.35 per cent in the Total Premium Income at Rs 98,352 crore as compared to Rs 81,721 crore for the quarter ended June 30th 2021.
The marketing activity picked up the pace, overall business momentum was strong for LIC and as a result, the overall market share by First Year Premium Income (as per IRDAI) increased to 65.42 per cent for the quarter ended June 30, 2022 as compared to the full-year market share of 63.25 per cent for FY 2021-22, LIC said in a statement.
The market share by First Year Premium Income for the quarter ended June 30, 2021 was 67.52 per cent.
“As the COVID situation normalises, we are seeing a larger activity on the ground, therefore bringing us back closer to our model of having ‘feet on street’ and continuous in-person engagement with our customers,” MR Kumar, Chairperson, LIC, said in a statement.