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LIC Q2 net profit slips 4% to ₹7,729 cr
The Morning Standard
|November 09, 2024
NATIONAL insurer Life Insurance Corporation (LIC) on Friday reported a 3.75% decline in its consolidated net profit at ₹7,729 crore for the September quarter on the back of higher claim payouts than the premiums it collected, which clipped at 1.5% to ₹1.2 lakh crore from ₹1.07 lakh crore in the year-ago quarter.
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The insurance behemoth had earned ₹8,030.28 crore in the year-ago period, the management led by chief executive SK Mohanty told reporters here Friday evening.
The insurer's bottomline was impacted by an improvement in gross non-performing assets (NPAs), which printed at 1.72% during the second quarter of the current financial year compared to 1.95% quarter-on-quarter and from 2.43% in the same period a year ago.
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