Life Insurance Corporation of India’s Q1 profit up 9.6% YoY

Total premium income for Q1 2024 stood at $1.4b.

Life Insurance Corporation of India (LIC) reported a profit after tax (PAT) of $124.61m (₹10,461 crore) in the first quarter (Q1 2024), reflecting a 9.6% year-on-year (YoY) increase.

LIC said it held a market share of 39.27%, whilst in the group business segment, it commanded a substantial 76.59% share.

Total premium income for Q1 2024 stood at $1.35b (₹1,13,770 crore), marking a 15.7% YoY increase from $1.17b (₹98,363 crore) in the corresponding quarter of the previous year.

On an annualised premium equivalent (APE) basis, total premium income was $137.71m (₹11,560 crore) for Q1 2024, with individual business accounting for 58.37% ($80.33m/₹6,747 crore) and group business contributing 41.6% ($57.38m/₹4,813 crore).

The Value of new business (VNB) for Q1 2024 reached $19.19m (₹1,610 crore), a 23.7% surge YoY. The net VNB margin improved by 20 basis points to 13.9% from 13.7% in Q1 2023.

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