LIC Q3 Results, Net profit stood at Rs 7,108.70 crore amid 12.2 percent growth YoY

by Psu Connect
Date: 09-02-24

The net income from investments during the third quarter rose by 12% year-on-year to Rs 95,266.8 crore from Rs 84,869 crore in Q3FY23 while the management expenses increased by 32 percent to Rs 18,193.8 crore.

LIC Q3 Results, Net profit stood at Rs 7,108.70 crore amid 12.2 percent growth YoY

The Public sector Insurance giant LIC released its quarterly results on Thursday, witnessing a surge of 49% percent growth in net profit standing at Rs 9,444.4 crore for the third quarter.

The net premium income grew by 4.6% to Rs 1.17 trillion, compared to Rs 1.11 trillion in Q3 FY24. The net income from investments during the third quarter rose by 12% year-on-year to Rs 95,266.8 crore from Rs 84,869 crore in Q3FY23 while the management expenses increased by 32 percent to Rs 18,193.8 crore.

A decrease in other income is reported, which fell to Rs 163.83 crore from Rs 209.75 crore in the last fiscal year. The company has managed to reduce its gross NPAs to 2.15% in Q3FY24.

The shares of the company have jumped to a record high of Rs 1145 with almost all all-time high and the market capitalization has surpassed Rs 7 trillion for the very first time. Meanwhile, the company has delivered a healthy return of 26.3% to its investors since ever its listing on 17 May 2022.

The net profit increased by 17.2% to Rs 26,913 crore in the nine months ending December and the market share of the company stood at 38.74% in individual business and 72.245 in group business. The company’s AUM [Asset Under Management] witnessed a significant increase, standing at Rs 49.66 trillion as of 31 December 2023 representing an 11.98% year-on-year growth.

The solvency ratio improved to 1.93 as against 1.85 in the previous fiscal year.