LIC clocks 23% surge in Q1 profits

New Delhi: Life Insurance Corporation of India (LIC) on Thursday posted a 23 per cent increase in net profit to Rs 13,492 crore in the first quarter of the ongoing financial year.The country’s biggest insurer had earned a profit of Rs 10,987 crore in the corresponding quarter a year earlier.

The total income of the insurer during the reporting quarter improved to Rs 2,37,848 crore from Rs 2,22,864 crore in the same period of the preceding fiscal year, LIC said in a regulatory filing.

LIC’s income from first-year premium also improved to Rs 9,217 crore in the latest June quarter against Rs 7,525 crore in the same period of the preceding fiscal year.

Income from renewal premiums in the reporting period increased to Rs 61,833 crore compared to Rs 59,885 crore a year ago.