India's Largest Insurance Company's Premium Income Declines; A Decline In Profits

LIC’s pre-tax profit falls sharply as premium income declines 50 percent decline in net profit this time. The company released the report for the September quarter of the financial year 2023-24. Profit fell by 50 percent to Rs 7,925 crore. Last year it was Rs 15,952 crore. LIC’s profits were mainly hit by a decline in premium income. Total premium income of India’s largest insurance company fell 19 percent to Rs 1.07 lakh crore compared to the same period last year.

The value of overall new business declined to Rs 2,005 crore from Rs 2,280 crore. Year-on-year decline is 12 percent. 2023-24- The decline in total premium income is 11 percent.

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LIC shares also fell after the company’s net profit fell. Shares
It fell by about one percent. Decline in premium income and lower margins contributed to the decline in insurance stocks. LIC’s total premium income fell 19 percent to Rs 1.07 lakh crore from Rs 1.32 lakh crore in the previous year. The company’s NPAs stood at 2.43 percent from 5.60 percent in the previous year. Its net NPAs remained unchanged from the previous year. The value of the company’s new business for the six months ended September 30, 2023 was Rs 3,304 crore. It was Rs 3,677 crore in the corresponding period last year.