Life Insurance Corporation of India (LIC) posted a 49% jump in consolidated net profit at ₹9,444 crore for the December 2022 quarter aided by 12% growth in investment income and marginal rise in net premiums collected. The state-owned insurance behemoth reported steady improvement across key financial parameters.
LIC shares hit historic highs this week reacting to the continued business momentum, with Chairman Siddhartha Mohanty underscoring diversification focus towards sustainable growth. The insurer declared interim dividends of ₹4 per share as well.
Premiums Rise on Product Mix Strategy
Net premiums gathered saw measured 4.6% increase year-on-year to ₹1.17 lakh crore. Mohanty attributed consistent targeting of new customer categories and offerings for faster premium accretion that intends reducing volatility. The dedicated shift way from traditional policies aims providing contemporary covers suiting emerging societal needs.
Even the gross bad loans ratio lowered to 2.15% from 2.43% last quarter indicating stabilizing asset quality. Underwriting profit for the 9 months crossed ₹850 crore as well validating realignment efficacy.