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.
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.