LIC Q3 profit up 17% to ₹12,958 crore on higher premium income
LIC Q3 profit up 17% to ₹12,958 crore on higher premium income
LIC reports a 17% rise in Q3 net profit to ₹12,958 crore as premiums climb and GST relief boosts volumes.
LIC, the government-owned life insurer, reported a December-quarter standalone net profit of ₹12,958.22 crore, up about 17% from ₹11,056.47 crore a year earlier. The rise came as net premium income climbed 17.5% to ₹1,25,613.36 crore, while total income rose nearly 16% to ₹2,33,983.79 crore. Income from investments stood at ₹1,07,608.28 crore, up from ₹94,335.72 crore in the year-ago period.
Executives said the improvement reflects stronger volume growth and successful diversification across products and channels, aided by GST 2.0 exemptions on individual life insurance policies since September 22. "At LIC, we have further increased our performance by achieving higher and better parameters on volume growth as well as product and channel diversification," said MD & CEO R. Doraiswamy.
For the nine months ended December, LIC posted an almost 17% rise in net profit to ₹33,998 crore from ₹29,138 crore. The government has reiterated its plan to pare its stake to 10% within five years from the May 2022 IPO. The exact timing and route—whether an OFS or QIP—will be decided by the government. Post-IPO, the government’s stake stands at about 96.5% and the company expects to satisfy the 10% public shareholding requirement by May 2027.
On health insurance, LIC’s management indicated a slow entry into this space, choosing not to rush into a standalone health-insurance venture for now. In real estate, officials said the plan is to leverage assets rather than sell them, aiming to monetise value without divesting property.
Overall, the results reinforce LIC’s strategy of leveraging higher yields, product and channel diversification and selective asset utilisation to sustain growth in a challenging macro environment.
