The Life Insurance Corporation of India (LIC) on Friday said that it closed the first quarter of FY23 with a net profit of Rs 682.88 crore.
LIC said, it closed the three months period ending June 30, with a net profit of Rs 682.88 crore on a total premium income of Rs 98,352 crore (previous year Q1 Rs 81,721 crore). The company said its overall market share by First Year Premium Income increased to 65.42 percent for the quarter ended June 30, as compared to full year market share of 63.25 percent for FY 2021-22.
The market share by First Year Premium Income for the quarter ended June 30, 2021 was 67.52 percent. A total of 36.81 lakh policies were sold in the individual segment during the quarter ended June 30, thereby registering an increase of 59.56 percent over the similar quarter last year when 23.07 lakh policies were sold.
The asset under management scaled up to Rs 41.02 lakh crore as on June 30, as compared to Rs 38.13 lakh crore on June 30, 2021 clocking an increase of 7.57 percent. The net non-performing assets (NPA) in the policyholders fund declined to Rs 9 crore for the quarter ended June 30.
As against Gross NPA of Rs 26,620 crore, NPA provision of Rs 26,611 crore has been made for quarter ended June 30. "While the growth numbers are very robust for the first quarter as seen in comparison to the same quarter of FY 2021-22, we are aware that the Q1 of the previous year, FY 2021-22 was impacted by a very tough second wave of Covid," LIC Chairman M.R. Kumar said.