Insurance behemoth Life Insurance Corp (LIC) of India on Thursday posted multi-fold growth in consolidated net profit at Rs 8,334 crore for the December 2022 quarter compared with just Rs 211 crore in the corresponding quarter of last year.
Net premium income rose 14% year-on-year to Rs 1.11 lakh crore for the quarter under review. It was Rs 97,620 crore in the last year quarter.
“We continue to remain focussed on creating a portfolio mix to optimise value for all stakeholders, and in that context, increasing the proportion of Non-par business in a consistent and profitable manner,” said M R Kumar, Chairperson, LIC.