Q1 results: LIC registers multifold jump in profit at Rs 683 crore

Net NPAs in the policyholders' fund saw a substantial decline to Rs 9 crore as of Q1FY23 versus Rs 194 crore in Q1FY22

State-owned insurance behemoth Life Insurance Corporation (LIC) reported a net profit of Rs 682.88 crore in the April-June quarter (Q1) of FY23, driven by its non-par business. In the corresponding period a year ago, the insurer’s profit was a mere Rs 2.94 crore.

But these numbers are not comparable because the corporation was ascertaining its policy liabilities annually until FY21. Pursuant to the change in the LIC Act, the six-month-ended and nine-month-ended policy liabilities as of September 2021 and December 2021, respectively, were ascertained for the first time in FY22. Hence, no surplus had been assessed in the revenue account of