The September-quarter premium mix at Life Insurance Corporation of India (LIC) diverged across policy types as consolidated profit rose 20% year over year, with single premiums growing faster than renewals.
Consolidated profit after tax was ₹12,114.78 crore, up from ₹10,098.48 crore in the same quarter a year earlier. LIC’s board approved unaudited consolidated and standalone results on Nov. 5. On a standalone basis, profit after tax reached ₹12,076.02 crore, compared with ₹10,053.39 crore in the prior-year quarter. The filing included limited review reports.
Net premium income climbed 16.2% to ₹1,47,433.15 crore from ₹1,26,930.04 crore. LIC reported that figure separately from gross income across three policy categories: single, renewal and first-year premiums. Gross single-premium income totaled ₹68,425.31 crore, compared with ₹50,882.30 crore a year earlier.
Renewal premiums remained the largest category by amount, at ₹68,717.96 crore, up from ₹65,320.48 crore. Gross first-year premiums fell to ₹10,483.85 crore from ₹10,884.48 crore. Single premiums had the fastest growth among the three categories, although their reported amount was slightly below renewal premiums.
For the six months through Sept. 30, value of new business rose 33.95% to ₹6,846 crore. LIC’s net value of new business margin increased 470 basis points to 22.3%, and total premium income for the half year grew 11.64% to ₹2,74,269 crore.
LIC said its first-half market share, measured by first-year premium income, was 58.77%, compared with 59.41% a year earlier, citing data from India’s Insurance Regulatory and Development Authority. CEO and Managing Director R Doraiswamy attributed the first-half performance to the company’s product and channel diversification strategy.
Net investment income in the shareholders’ account rose to ₹2,854.69 crore from ₹2,066 crore. In the policyholders’ account, net investment income was ₹1,15,033.85 crore, compared with ₹1,12,528.25 crore a year earlier.
