The Life Insurance Corporation of India (LIC) reported a significant rise of over 16% in its consolidated net profit, reaching ₹110.08 billion in the third quarter ending December 2024 (Q3 FY25), compared to ₹94.69 billion in the same quarter last year.
The profit after tax (PAT) for the nine months ending December 31 was ₹291.38 billion, up 8.27% from ₹269.13 billion for the same period the previous year, according to the nation’s largest insurer’s stock exchange filing.
In the nine months of FY25, total premium income increased by 5.51% to ₹3,405.63 billion, and assets under management (AUM) rose by 10.29% to ₹54,776.51 billion.
Individual business non-par APE (annualized premium equivalent) surged by 106.52% to ₹68.13 billion, while the non-par APE share within individual business increased to 27.68% for 9M FY25 compared to 14.04% for 9M FY24.
New business premium income (individual) rose by 9.73% to ₹424.41 billion in the nine months of FY25.
LIC continues to dominate the Indian life insurance market with an overall market share of 57.42% for the nine months ending December 31, 2024.
“Our focus and strategy remain consistent towards changing our product and channel mix to serve the needs of our customers in a dynamic environment,” said LIC CEO and MD Siddhartha Mohanty.
For the nine-month period ending December 31, 2024, the non-par share within the individual business increased to 27.68% on an APE basis, compared to 14.04% for the same period last year. Furthermore, the value of the new business (VNB) margin improved to 17.1% for the nine-month period ending December 31, 2024, compared to 16.6% for the same period last year.
The value of new business (VNB) for the nine-month period ending December 31, 2024, was ₹64.77 billion, up 9.08% from ₹59.38 billion for the same period the previous year.
Mohanty also highlighted the success of the Bima Sakhi Yojana, with over 125,000 women registered and more than 70,000 appointed as Bima Sakhis to date.
