Life Insurance Corporation of India’s Q1 profit up 9.6% YoY

Total premium income for Q1 2024 stood at $1.4b.

Life Insurance Corporation of India (LIC) reported a profit after tax (PAT) of $124.61m (₹10,461 crore) in the first quarter (Q1 2024), reflecting a 9.6% year-on-year (YoY) increase.

LIC said it held a market share of 39.27%, whilst in the group business segment, it commanded a substantial 76.59% share.

Total premium income for Q1 2024 stood at $1.35b (₹1,13,770 crore), marking a 15.7% YoY increase from $1.17b (₹98,363 crore) in the corresponding quarter of the previous year.

On an annualised premium equivalent (APE) basis, total premium income was $137.71m (₹11,560 crore) for Q1 2024, with individual business accounting for 58.37% ($80.33m/₹6,747 crore) and group business contributing 41.6% ($57.38m/₹4,813 crore).

The Value of new business (VNB) for Q1 2024 reached $19.19m (₹1,610 crore), a 23.7% surge YoY. The net VNB margin improved by 20 basis points to 13.9% from 13.7% in Q1 2023.

Follow the links for more news on

Life Insurance Corporation of India

Financial Statements

Life insurance

Also Read

Philippine life insurance sector slated for 5.4% CAGR by 2028

Property insurance industry to exceed $152b by 2028

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit