New Delhi, May 27 (Tezzbuzz). Public sector insurance company Life Insurance Corporation of India (LIC) has announced the results of the fourth quarter (January-March) of the financial year 2023-24. In the fourth quarter ended March 31, 2024, the profit of insurance company LIC increased by two percent to Rs 13,763 crore.
LIC informed the stock market on Monday that its profit in the fourth quarter ended March 31, 2024 stood at Rs 13,763 crore with a marginal increase of 2 per cent. In the same quarter of the previous financial year 2022-23, the company had a net profit of Rs 13,428 crore. According to the insurance company, LIC's profit has increased marginally mainly due to the provision of salary increase.
According to the company, its total income in the fourth quarter of the financial year 2023-24 has increased to Rs 2,50,923 crore, which was Rs 2,00,185 crore in the same quarter of the previous financial year. LIC's premium income also improved to Rs 13,810 crore in the quarter ended March 31, from Rs 12,811 crore in the same quarter of the previous year. The company said that LIC's net profit in the entire financial year 2023-24 was Rs 40,676 crore, which was Rs 36,397 crore in the previous financial year.
Tezzbuzz News/Prajesh Shankar/Prabhat
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