Insurer witnesses massive jump in net profit to Rs 15,952 cr in Sept quarter from Rs 1,433 cr in FY22
Admin
Nov 15, 2022 10:56
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Life Insurance Corporation (LIC), the largest insurance company in the country, reported a massive net profit of Rs 15,952 crore for the quarter ended September 30, 2022 (Q2 FY23), from Rs 1,433 crore in the same period last year. The insurance giant recorded a net profit of just Rs 682.9 crore in the June quarter. As per its filing on Friday, the company has said that the massive surge is due to change in its accounting policy. Its first-year premium, which shows business growth, was at Rs 9,124.7 crore for the September quarter compared with Rs 8,198.30 crore a year ago.
