LIC net profits surges by 39.4% in full-year 2021

This is despite a fall of 18% in profits in the fourth quarter.

India’s biggest life insurer Life Insurance Corporation of India has reported a surge in net profits of 39.4% to $520m from $370m for the full-year (FY) ending March 2022.

This is despite net profits in the fourth quarter (Q4) dropping by 18% to $310m from $370m a year earlier.

LIC, however, clarified that the profit figure for the fourth quarter of FY2021 pertains to the full year. Hence, net profit reported in Q4 FY2022 and Q4 FY2021 is not comparable.

The insurance giant earned $18b in Q4, an increase of 18% from $16b from the prior year. In FY2022, In FY22, net premiums stood at $55b, an increase of 6.21% from $52b in FY21. Income on investments of LIC, which is one of the largest asset managers, is flat at $870m in the fourth quarter and for the full year, it earned $438b from its investments.

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