What was LIC's profit in the third quarter?

LIC's profit in the third quarter was 129.58 billion rupees, a 17% increase compared to the previous year.

Why did LIC see increased demand for its insurance products?

Demand increased due to the government eliminating the 18% tax on individual life insurance products, making policies more affordable.

How did LIC's key performance indicators fare in the third quarter?

Annualised premium equivalent sales rose 50.5%, and the value of new business increased by 65% in the third quarter.

Home / Business and Economy / LIC Profit Surges 17% on Tax Cut Demand

LIC Profit Surges 17% on Tax Cut Demand

5 Feb

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Summary

LIC profit rose 17% to 129.58 billion rupees in Q3.
Annualised premium equivalent sales climbed 50.5%.
Value of new business increased by 65% for the quarter.

Life Insurance Corporation of India (LIC) announced a substantial 17% increase in its third-quarter profit, reporting 129.58 billion rupees for the three months ending December 31. This financial achievement was bolstered by enhanced premium collections.

The surge in demand for insurance products was largely attributed to the government's recent decision to eliminate the 18% tax on individual life insurance policies, making them more accessible and appealing to consumers.

Key performance indicators demonstrated strong momentum. Annualised premium equivalent sales saw a significant jump of 50.5%, reaching 149.73 billion rupees. Furthermore, LIC's value of new business, representing expected profit from new policies, grew by an impressive 65% to 31.77 billion rupees.