LIC Big Profit: LIC has posted strong profits in the first quarter of 2022-23. LIC has made a net profit of Rs 682.9 crore during this period. Know full details.
The country’s largest public sector life insurance company LIC has made a strong profit in the first quarter of the financial year 2022-23. LIC has a net profit of Rs 682.9 crore in the April-June quarter. At the same time, in the same quarter of the last financial year, LIC’s profit was only Rs 2.6 crore. LIC got this profit on an annual basis. But the profits of the insurance company have declined on a quarterly basis. LIC’s net profit in the March quarter stood at Rs 2,371.5 crore. After the quarterly results, it was said by LIC that in the coming quarters, there will be ups and downs in the profits of the company.
You can Increase in premium income
The total income of the insurance company LIC was Rs 1,68,881 crore in the June quarter. It stood at Rs 1,54,153 crore in the first quarter of the last financial year. If we look at LIC’s net profit on a quarterly basis, its net profit in March was Rs 2,371 crore. LIC’s net premium income has also increased. It rose to Rs 98,805.25 crore in the first quarter of this fiscal as against Rs 82,375.61 crore in the year-ago period.
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LIC has sold policies worth Rs 36,81,764 crore during the first quarter. It has increased by almost 60 per cent on a yearly basis. Total new business premium income increased by 36 per cent to Rs 10,938 crore. According to LIC, the performance of the company has declined across all segments as compared to the March quarter.
The situation is improving after the Corona period
LIC’s assets under management increased to Rs 41.02 lakh crore as on June 30, an increase of 7.57 per cent as compared to Rs 38.13 lakh crore in Q1 FY22. LIC President MR Kumar said – After the corona period, with the situation becoming normal, their agents are now reaching out to the customers. The benefit of this is being seen in the net profit of the company. LIC’s Gross Value of New Business (VNB) increased to Rs 1861 crore during the June quarter, while VNB margin stood at 13.6 per cent.
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Know About, Stock drop
Meanwhile, LIC shares declined on Friday and closed 0.04 per cent lower at 682.35 paise on the National Stock Exchange (NSE). The company’s stock has fallen more than five percent in the last one month.
