LIC Q1 Results: Life Insurance Corporation of India, the country’s largest public-sector insurance company, made a profit of Rs 10,544 crore in the first quarter of the financial year 2024-25, which is 9 percent more than the first quarter of the last financial year, 2023-24. In the first quarter of the last financial year, LIC had a profit of Rs 9635 crore.
Giving information about the quarterly results, LIC said that in the first quarter of the financial year, LIC’s net premium increased by 16 percent, from Rs 98,755 crore to Rs 1.14 lakh crore. According to insurance regulator IRDAI, LIC is the largest insurance company in the country in terms of premium income for the first year, and its total market share has reached 64.02 percent.
In the first quarter of FY 2024-24, LIC’s market share in individual businesses was 39.27 per cent. At the same time, the market share in group business was 76.59 percent. Individual business premiums stood at Rs 67,192 crore in the first quarter, which is 7.04 per cent more than Rs 62,773 crore in the first quarter of the last financial year. Group business premium income stood at Rs 46,578 crore in the first quarter, which was Rs 35,590 crore in the same quarter of the last financial year.
LIC’s assets under management have jumped 16 per cent to Rs 53.58 lakh crore this quarter. LIC’s quarterly results were announced after the market closed, and in today’s trading session, LIC’s stock closed at Rs 1125.60 with a jump of 0.18 per cent. In the last year, LIC’s stock has given investors a return of 75 per cent, while in 2024, a return of 35 per cent has been received.
Earlier, media reports said the Government of India might sell a 5% stake in LIC in 2024-25. LIC told the exchange that Life Insurance Corporation has no information about this.
