Ahead of its planned IPO, Life Insurance Corporation of India (LIC) on Friday released its financial results for the December quarter (Q3 FY22).
LIC's profit stood at Rs 234.9 crore compared with Rs 90 lakh in the same quarter last year.
Similarly, net profit for the nine months period ended December surged to Rs 1,6438 crore from Rs 7 crore a year ago.
Total premiums collected during the reporting quarter rose 0.78 per cent to Rs 97,761 crore as against Rs 97,008 crore a year earlier.
The first-year premium for the life insurer rose to Rs 8,748.55 crore from Rs 7,957.37 crore in the same quarter last year. Renewal premium came in at Rs 56,822.49 crore, up from Rs 54,986.72 crore in the year-ago quarter.
LIC's total premium edged 0.78 per cent higher at Rs 97,761.20 compared with Rs 97,008.05 crore.
LIC earlier this week received SEBI’s approval to float its mega IPO.
The government intends to sell 5 per cent stake in LIC. The move could fetch over Rs 60,000 crore to the exchequer.
