LIC’s net income jumps to Rs. 8,334 crore in the third quarter

Mumbai:

Public sector insurer LIC on Thursday reported a multiple jump in net income at Rs 8,334.2 crore for the three months ended December 2022 as against Rs 235 crore a year earlier.

Life Assurance Company (LIC) earned Rs 1,11,787.6 crore in net premium income during the report quarter as against Rs 97,620.34 crore in the period last year, according to a regulatory filing. The numbers are not strictly comparable because the insurance company was not a publicly traded company earlier.

LIC’s income from investments rose to Rs.84,889 crore from Rs.76,574.24 crore a year earlier, according to the filing.

Its investment in the crisis-hit Adani Group has come under massive criticism though the investment worth close to Rs 36,000 crores is still doing well even though those shares have lost nearly 60 per cent of their value since January 25.

During a post-earnings call, LIC Chairman MR Kumar said that after provision was made for transferring Rs. 2,000 crore of surplus to shareholders’ fund, net income was Rs. 6,334.2 crore.

(Except for the headline, this story was not edited by the Alendronaterx staff and was published from a syndicated feed.)

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