On November 10, the Indian Life Insurance Corporation (LIC) revealed that its net profit for the quarter that ended on September 30, 2023, had decreased by 50% to Rs 7925 crore. The insurance giant declared a net profit of Rs 15,952 crore for the same time last year. The decline in net premium income was reportedly the leading cause of the profit decline. Net premium income for Q2FY24 was Rs 1.07 lakh crore, a 19% decrease from Rs 1.32 lakh crore during the same time last year. The insurance's gross non-performing assets (GNPAs) were 2.43 per cent, compared to 5.60 per cent the year before. Its net NPA did not change from the same time last year. Last year, income from investments increased from Rs 84,103 crore to Rs 93,942 crore. A crucial indicator, the solvency ratio, increased slightly from 1.88 per cent in Q2Fy24 to 1.90 per cent in Q2Fy24. LIC Share Prices Decline Over 3% to Rs 810 on Lower Earnings.

Life Insurance Corporation Reports 50% Decline in Net Profit in Q2

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