The Life Insurance Corporation of India reported its results for the second quarter on Thursday after markets closed.
What Happened: India’s biggest life insurer reported a 3.8% drop in its standalone net profit to ₹7,620.86 crore in the July to September period from ₹7,925.02 crore posted in the same quarter a year ago. In Q1, the company had reported a net profit of ₹10.461.05 crore.
The insurer’s net premium income increased 11.6% year-on-year to ₹1.19 lakh crore compared to ₹1.07 lakh crore. In the April to June period, the company’s net premium income had come at ₹1.13 lakh crore.
The company’s total income stood at ₹2.29 lakh crore increasing marginally from ₹2 lakh crore reported in the same period in FY24.
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Half-Year Performance: For the half year, the firm’s net premium income increased by 13.56% to ₹2,34 lakh crore.
The company’s overall annual premium equivalent (APE) rose by 23.86% to ₹28,025 crore for the half year ended September, the company said in a statement. Individual business APE increased by 24.08% to ₹18,163 crore and group businessAPE increased by 23.44% to ₹9,862 crore.
Value of New Business (VNB) increased by 37.74% to ₹4,551 crore for the period whereas net VNB margin increased by 160 basis points to 16.2%.
LIC also said that its overall market share improved in the second half to 61.07% compared 58.50% it held in the second half of FY24.
Price Action: LIC’s shares ended 1.52% lower at ₹915.55 on Friday.
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