Life Insurance Corporation of India reported results for fourth quarter (Q4) and year ended March 31, 2023.
The company has reported over 5-fold jump in its net profit at Rs 13,427.81 crore for the quarter under review as compared to Rs 2,371.55 crore for the same quarter in the previous year. However, net premium income of the company decreased by 8.34% at Rs 131,761.11 crore for Q4FY23 as compared to Rs 143,745.92 crore for the corresponding quarter previous year.
On consolidated basis, the company has reported over 5-fold jump in its net profit at Rs 13,190.79 crore for fourth quarter ended March 31, 2023 as compared to Rs 2,409.40 crore for the same quarter in the previous year. However, net premium income of the company decreased by 8.28% at Rs 132,223.21 crore for Q4FY23 as compared to Rs 144,158.84 crore for the corresponding quarter previous year.
For the year ended March 31, 2023, the company has reported 9-fold jump in its net profit at Rs 36,397.39 crore as compared to Rs 4,043.12 crore for the previous year. Net premium income of the company increased by 10.90% at Rs 474,004.61 crore for year under review as compared to Rs 427,419.21 crore for year ended March 31, 2022.
For the year ended March 31, 2023, on the consolidated basis, the company has reported over 8-fold jump in its net profit at Rs 35,996.65 crore as compared to Rs 4,124.71 crore for the previous year. Net premium income of the company increased by 10.82% at Rs 475,956.88 crore for year under review as compared to Rs 429,500.77 crore for year ended March 31, 2022.
