 "Life Insurance Corporation")
Life Insurance Corporation (LIC) of India on Thursday reported a multifold jump in standalone net profit at Rs 9,543.71 crore for the quarter ended June 30, 2023.
It had posted a standalone profit of Rs 682.88 crore in the corresponding quarter last year.
The net premium income of LIC was almost flat at Rs 98,362.75 crore, compared to Rs 98,351.76 crore in the corresponding period of last year.
Other income of the insurance behemoth declined to Rs 75.54 crore in the quarter under review from Rs 160.09 crore in Q1FY23. Transfer of funds from shareholders’ accounts stood at Rs 1.48 crore during Q1 as against Rs 799 crore in the year-ago period.
The shares of LIC closed at Rs 641.60, down by 0.36 per cent over the last closing price.
