LIC's fourth quarter net profit grows marginally amid increased employee expenses

New Delhi: The Life Insurance Corporation of India (LIC) has reported a marginal growth of 2.49 percent in its standalone net profit for the fourth quarter, reaching 13,763 crore compared to Rs 13,428 crore in the same period last year. 

This increase, however, was influenced by significantly higher employee remuneration and welfare expenses. During the quarter, LIC allocated Rs 13,750 crore towards employee expenses, a notable rise from Rs 10,381 crore in the previous year's corresponding period.

For the fiscal year 2023-24, LIC reported a net profit of Rs 40,676 crore, marking an 11.75 percent increase from the previous year's Rs 36,397 crore.

Despite these increased expenses, LIC's net premium income for the quarter surged to Rs 1,52,293 crore, up from Rs 1,31,761 crore in the previous year. Additionally, income from investments during the quarter rose to Rs 84,425 crore compared to Rs 67,847 crore in the same period last year.

Consequently, a total amount of Rs 29,518.75 crore (net of tax) was transferred in the fiscal year 2023-24, compared to Rs 27,240.75 crore in the previous fiscal year. 

This transfer included an amount of Rs 4,542.31 crore pertaining to the quarter ended March 31, 2022.

ALSO READ: Adani Group eyes competition with industry giants in e-commerce and payments sector