The Life Insurance Corporation (LIC) of India on February 8 reported a 49 percent year-on-year (YoY) rise in net profit at Rs 9,441 crore for the October-December quarter of the financial year 2023-24, from Rs 6,334 crore recorded in the year-ago period.

Net premium income grew 4.67 percent to Rs 1.17 lakh crore in the quarter under review, from Rs 1.11 lakh crore in the year-ago period, the country's largest insurer said in an exchange filing. The insurer announced an interim dividend of Rs 4 per share.

The total annual premium equivalent (APE), a metric used to measure new business sales growth, grew to Rs 13,163 crore from Rs 12,370 crore last year. Value of new business of the insurer grew to Rs 2634 crore versus Rs 1801 crore.

LIC's gross non-performing assets (GNPAs) stood at 2.15 percent as against 5.02 percent in the previous year. The solvency ratio of the insurer stood at 1.93 percent, from 1.85 percent in the corresponding quarter last year.

The Assets Under Management (AUM) increased to Rs. 49.66 lakh crore as on December 2023 as compared to Rs. 44.34 lakh crore on December 31st, 2022 registering an increase of 11.98 percent year on year.

On the insurer’s growth, LIC Chairman, Siddhartha Mohanty said that this is just the beginning. "We have several products lined up in the coming days. There is lot of scope of improvement in certain areas," said Mohanty in the post results press conference.

Shares of the insurer closed for trading at Rs 1,106.25 a piece on BSE, up by 5.86 percent.