Insurance behemoth LIC on Monday posted a marginal 2 per cent increase in net profit at Rs 13,763 crore in the fourth quarter ended March 2024 as the corporation made provisions for wage hike.
The insurer had earned a profit of Rs 13,428 crore in the corresponding quarter a year earlier.
The total income of the insurer during the reporting quarter rose to Rs 2,50,923 crore from Rs 2,00,185 crore in the same period of the preceding fiscal, LIC said in a regulatory filing.
LIC's income from first-year premium also improved to Rs 13,810 crore in the latest January-March quarter against Rs 12,811 crore in the same period of preceding fiscal.
The income from renewal premiums in the reporting period rose to Rs 77,368 crore compared to Rs 76,009 crore a year ago.
During the entire financial year ended March 2024, the insurer earned a profit of Rs 40,676 crore as compared to Rs 36,397 crore in the previous fiscal.
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