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LIC reports 3.51 per cent growth in profit after tax for H1 FY 2024
November 14, 2024
|The Statesman
The Board of Directors of Life Insurance Corporation of India (LIC) has approved and adopted the standalone and consolidated financial results for the six months ending 30 September.
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The Profit after Tax (PAT) for the half year ended 30 September, 2024 was Rs 18,082 crore as compared to Rs 17,469 crore for the half year ended 30 September, 2023 registering a growth of 3.51 per cent. In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader in Indian life insurance business with overall market share of 61.07 per cent for half year ended 30 September, 2024 as compared to 58.50 per cent for half year ended 30 September,2023. For the half year ended 30 September, 2024, LIC had a market share of 39.79 per cent in Individual business and 74.77 per cent in group business. The Total Premium Income for six months period ended 30 September, 2024 was Rs 2,33,671 crore as compared to Rs 2,05,760 crore for the six months period ended 30 September 2023, registering a growth of 13.56 per cent.
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