LIC Q1 Results : Life Insurance Corporation of India's ( LIC ) net profit increased 10% year-on-year to Rs 10,461 crore in the April-June quarter of the current financial year. The company's net profit was Rs 9,544 crore in the same quarter of the last financial year. The country's largest insurance company LIC said in a statement to the stock market on Thursday that its total income in the June quarter was Rs 2,10,910 crore, which was Rs 1,88,749 crore in the same quarter of the last financial year.

Policy Premium

The company said that the first-year premium of the policy increased to Rs 7,470 crore in the quarter under review from Rs 6,811 crore in the same period last year. LIC earned Rs 56,429 crore from renewal premiums of old policies in the first quarter of the current financial year, which was Rs 53,638 crore in the same period a year ago.

Net Income

LIC's net income from investments rose to Rs 96,183 crore in the June quarter from Rs 90,309 crore in the same quarter last year. LIC's solvency margin (capacity to pay claims) ratio increased to 1.99 percent in the last quarter from 1.89 percent in the same quarter a year ago.

Market share

Commenting on the results, LIC CEO and MD Siddharth Mohanty said that during the first quarter of this financial year, our market share increased to 64.02 percent compared to 61.42 percent in the same quarter last year and 58.87 percent for the full year ended March 31, 2024. LIC is moving ahead on its stated objective of gaining market share after focusing on consolidating changes in product mix, channel mix, and margin improvement during the last year.