In the realm of the public sector, the esteemed LIC has experienced a notable downturn in its financial performance. The company’s net profit has seen a substantial decline of 50%, amounting to Rs 7,925 crore in the quarter concluded on September 30. LIC, a stalwart as the nation’s largest insurance company, had recorded a commendable net profit of Rs 15,952 crore in the preceding financial year.
Furthermore, the company’s net premium income has exhibited a reduction, dwindling to Rs 1,07,397 crore in the second quarter of the ongoing fiscal year from the previously reported Rs 1,32,631.72 crore.
Adding to this financial narrative, LIC’s overall income has contracted to Rs 2,01,587 crore from the earlier Rs 2,22,215 crore, as reported in the corresponding quarter of the previous fiscal year.