LIC's net income jumps manifold to Rs 8,334.2 crore in Q3

Mumbai: Public sector insurer Life Insurance Corporation (LIC) reported manifold jump in net income at Rs 8,334.2 crore during the three months ended December 2022 as against Rs 235 crore a year ago.

LIC earned Rs 1,11,787.6 crore in net premium income during the reporting quarter as against Rs 97,620.34 crore in the year-ago period, it said in a regulatory filing.

The numbers are strictly not comparable as the insurer was not a publicly traded company earlier.

LIC's income from investments rose to Rs 84,889 crore from Rs 76,574.24 crore a year ago, the filing said.

Its investments into the crisis-ridden Adani Group has been under tremendous criticism even though the value of the investment of close to Rs 36,000 crore are still in the green despite those shares losing almost 60 per cent of their value since January 25.

During the post-earnings call, LIC Chairman M R Kumar said that after provisioning for transferring Rs 2,000 crore from the surplus to the shareholders fund, the net income is Rs 6,334.2 crore.