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LIC Q3 Results: LIC net profit rises 49% to ₹9,444 crore; Tap to read – today news

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The Life Insurance Corporation of India (LIC)’s  profit rose 49 percent to 9,444 crore in third quarter ended December 2023, it said in a regulatory filing on 8 February. 

The firm posted standalone net profit of 9,444 crore for the quarter ended December 31, compared to 6,334 crore in the year-ago period. Meanwhile, the PSU insurer’s board approved interim dividend of 4 per share.

Siddhartha Mohanty, Chairperson, LIC, said: “Our consistent and focused approach towards diversifying and changing our product mix is now yielding results at a faster pace. The same is evident in the rise in the share of Non Par business on APE basis to 14.04% of our total individual business for the first nine months of FY 2024. The fact that this is also accompanied by 200 bps increase in the VNB margin levels to 16.6% is an indicator that our strategic interventions are delivering in the manner that we envisaged.”

“We want to make sure that every action of ours is value accretive to all stakeholders. We will relentlessly pursue our targeted product and channel mix with the support of all our employees, agency force and channel partners. We are committed to developing new products designed to meet the evolving needs of our customers. With our digital transformation project underway, we are confident of making significant improvements in our business processes.” he added.

More to follow soon. 

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Published: 08 Feb 2024, 06:19 PM IST



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