Life Insurance Corporation of India (LIC) today reported its Q1Fy23 results, wherein the insurer's net profit climbed multifold to Rs. 682.89 crore. In the year-ago period, the company's profit came in at Rs. 2.94 crore.
The total income at the public run insurer stood at 1,68,881 crore for the June quarter as against Rs 1,54,153 crore in the year-ago period, said the company's exchange filing.
The first year premium at the insurance company also logged gains and surged to Rs. 7429 crore in the period under review as against Rs. 5088 crore in the same period last year.
However the performance of the behemoth sequentially declined. As per the filing, the net profit in the March ended quarter had been at Rs. 2371 crore, first premium has been at Rs. 14,614 crore and total income at Rs. 211451 crore.
The shares of LIC in trade on Friday closed at Rs. 682.15 apiece, down by a tad.