LIC Q3 results: Net profit surges multi-fold to Rs 6,334.19 crore

LIC earned a total premium of Rs 37,545 crore on an APE (annualised premium equivalent) basis for the nine months ended December 31

State-owned Life Insurance Corporation (LIC) reported a manifold increase in its net profit in the December quarter (Q3) of financial year 2022-23 (FY23), aided by a transfer of Rs 5,670 crore from non-participatory to shareholders’ accounts. Its net profit in Q3 stood at Rs 6,334.19 crore, compared with Rs 234.91 crore in the year-ago period.

In the nine-month period (April-December FY23), the corporation’s profits soared to Rs 22,970 crore, compared with Rs 1,672 crore a year ago. The huge jump was because of the transfer of Rs 19,941 crore to shareholder accounts over the last four quarters.

LIC reported a