On October 28, 2020, LIC reported its financial results for the quarter ended September 30, 2020. The Indian insurance giant reported a massive 466% year-on-year (YoY) jump in profit to Rs 11,227 crore for quarter ended September 30, 2020.
LIC’s total income shot up by 11% to Rs 64,469 crore on a YoY basis. The insurance behemoth saw its earnings in the same quarter, fall to Rs 29,538 crore, down 5.4%. The company’s total expenses also rose 17.1% YoY to Rs 49,119 crore.
The jump in profits was led by the company’s investments, which rose 17.1% YoY to Rs 1.42 lakh crore. The life insurance major had invested Rs 1,21,421 crore in the corresponding period last year. Gross premium income rose by 3.17% YoY to Rs 35,038 crore during the quarter under review.
Additionally, LIC’s Group Savings Fund grew 11.9% YoY to Rs 4.5 lakh crore. During the quarter, LIC earned Rs 522 crore in income from its new business segment, a jump of 204%