New Delhi, Nov 8 (UNI) State-owned insurer Life Insurance Corporation of India (LIC) on Friday reported 3.8% year-on-year decline in net profit to Rs 7,620.86 crore for July-September quarter of the current financial year 2024-25.
The company had posted a profit of Rs 7,925.02 crore in the Q2 of previous financial year 2023-24.
During the September quarter of FY25, the life insurer’s net premium income rose 11.64% year-on-year to Rs 1,19,900.99 crore as compared to Rs 1,07,396.77 crore in the same period a year ago.
Commenting on the company’s financial performance, Siddhartha Mohanty, CEO & MD, LIC said, “Our market share for H1FY25 has increased to 61.07% as compared to 58.50% for the same period of previous year and 58.87% for the full year ended March 31, 2024.”
He further said, “We are committed to continue to play a significant role in the further development of the life insurance market with the support of all our stakeholders.”
LIC’s profit for the half year ended September 30th, 2024 was Rs 18,082 crore as compared to Rs 17,469 crore for the half year ended September 30th, 2023 registering a growth of 3.51%.
