State-owned insurer LIC of India on Friday reported a 50 percent fall in net profit at Rs 7,925 crore for the second quarter (Q2) ended on September 30, on lower income.
The country’s biggest insurer had a net profit of Rs 15,952 crore in the year-ago period, LIC said in a regulatory filing.
The net premium income eased to Rs 1,07,397 crore in the second quarter of the current fiscal, from Rs 1,32,631.72 crore in the same period a year ago.
However, the first-year premium for the reporting quarter increased to Rs 9,988 crore, as against Rs 9,125 crore in the year-ago period, it said.
LIC’s total income declined to Rs 2,01,587 crore in the latest September quarter, compared to Rs 2,22,215 crore in the year-ago period
Net income from investments during the quarter rose to Rs 93,942 crore in the second quarter of this fiscal, as compared to Rs 84,104 crore in the same period of 2022-23.
The solvency margin of LIC increased to 1.90 percent in the September quarter this year, as compared to 1.88 per cent in the same quarter a year ago.
On the asset quality front, gross non-performing assets ratio eased to 2.43 percent, from 5.60 percent in the same period a year ago.
During the six months ended September, LIC earned the highest-ever half-yearly profit after tax at Rs 17,469 crore, as compared to Rs 16,635 crore in the same period a year ago.