LIC Q2 FY25 Results: Net profit declines 3.8% to Rs 7,621 crore
LIC Q2 FY25 Results: State-run Life Insurance Corporation on Friday reported a net profit of Rs 7,621 crore for the July-September period, a decline of 3.8 per cent on a year-on-year basis. Earlier on Friday, LIC shares ended 1.6 per cent lower at Rs 914.8 apiece on BSE.
LIC Insurance Corporation of India (LICI) Q2 FY25 Results: State-run Life Insurance Corporations (LIC) on Friday reported a standalone net profit of Rs 7,620.9 crore for the quarter ended September 30, marking a decline of 3.8 per cent compared with the corresponding period a year ago.
The life insurer PSU's net premium income increased to Rs 1,19,901 crore for the fiscal second quarter of the current financial year from Rs 1,07,396.8 crore for the year-ago period, according to a regulatory filing.
LIC's solvency ratio—a key financial metric that determines a company's ability to meet its long-term financial obligations—improved to 1.98 per cent from 1.90 per cent a year ago.
LIC said its market share improved by 257 basis points, or 2.57 percentage points, to 61.07 per cent during the April-September period, with holistic growth in several metrics.
"We have been consolidating our gains in terms of changing our product mix. The non-par APE share of Individual business for H1FY25 now stands at 26.31 per cent as compared to 10.76 per cent for the similar period of the previous year," said Siddhartha Mohanty, CEO and MD, LIC.
"Our strategy on enhancing market share along with changes in product and channel mix, without compromising on profitability, is yielding very visible results... We have aligned our products with the new regulatory guidelines by redesigning them in such a manner that the interest of customers, shareholders and various marketing channel partners are taken care of. At LIC we are confident that all such changes which are friendly to customers will eventually expand the life insurance market in the country," added Mohanty.
LIC's value of new business (VNB) increased 37.7 per cent to Rs 4,551 crore and its net VNB margin improved by 160 bps to 16.2 per cent, according to a statement.
Earlier on Friday, LIC shares ended weaker by Rs 15.1, or 1.6 per cent, at Rs 914.8 apiece on BSE.
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