LIC Achieves 5% Net Profit Growth with Robust Plans for Future
Insurance giant LIC has reported a 5% increase in net profit, reaching ₹10,987 crore in the first quarter. With rising revenues and a strong market position, LIC aims for double-digit profit growth this financial year while exploring new avenues in health insurance amid forthcoming legislative changes.
- Country:
- India
On Thursday, the Life Insurance Corporation of India (LIC) announced a 5% rise in its net profit for the first quarter, totaling ₹10,987 crore, along with plans for double-digit growth in profits for the current financial year.
The insurer's total income increased to ₹2,22,864 crore from ₹2,10,910 crore year over year, according to a recent regulatory filing. LIC's CEO, R Doraiswamy, emphasized the quest for enhancing profitability and growth.
LIC also highlighted its efforts to enter the standalone health insurance sector while awaiting legislative and regulatory developments. The corporation is focusing on broadening its health segment, developing new products, and enhancing customer outreach to boost its penetration in the life insurance market.
(With inputs from agencies.)
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