The Life Insurance Corporation of India reported its first quarter results after markets closed on Thursday.

What Happened: India's biggest life insurer reported a 9.6% jump in its standalone net profit to ₹10,461 crore in the April to June period compared to ₹9,544 crore in the same quarter a year ago. Sequentially, profit declined 24% from ₹13,763 crore.

The company's net premium income came at ₹1.13 lakh crore, a 15.6% year-on-year increase from ₹98,363 crore. It was 26% lower than ₹1.52 lakh crore in the last quarter. The company's total income stood at ₹2.10 lakh crore versus ₹1.9 lakh crore in the corresponding quarter previous year.

See Also: U.S. Court Says It Won’t Stop Byju’s Debt Payment To BCCI, Dismisses Insolvency Case

LIC’s gross non-performing assets stood at 1.95% against 2.48% in the year-ago period. The firm's overall annual premium equivalent increased by 21.28% to ₹11,560 crore, falling within the range of estimates. The value of the new business increased by 23.66% to ₹1,610 crore, also meeting analysts' expectations. Net VNB margin increased by 20 bps to 13.9%, the company added in its press release.

Earlier on Wednesday, the country’s biggest life insurer issued a clarification over a media report suggesting that the Indian government is looking to dilute a small portion of its 96.5% stake in LIC. The report suggested that the government may consider up to 5% stake dilution in the company in the current fiscal. The insurer clarified it was not aware of any such development.

Price Action: Shares of LIC closed almost flat, it was up 0.04% at ₹1,124 on Thursday.

Read Next: Analyst Sees NHPC Shares Going Down Around 32% After Flat Q1