LIC Maintains Market Leadership Amid Profit Dip

State-owned insurer LIC reported a 3.8% decline in quarterly profit to Rs 7,621 crore due to reduced other income. Despite this, total income rose to Rs 2,29,620 crore with expenses increasing to Rs 2,22,366 crore. LIC continues to lead the market with a 61.07% share.

The state-owned insurer, LIC, experienced a 3.8% decline in net profit, reporting Rs 7,621 crore for the quarter ending September 30, due to lower other income and additional amortisation costs.

Despite this dip, the insurer witnessed a rise in total income to Rs 2,29,620 crore, signifying growth from the prior year's Rs 2,01,587 crore. The steady revenue stream was contrasted by increased expenses, which peaked at Rs 2,22,366 crore in the same period.

LIC retained its dominance in the Indian insurance sector, securing a market share of 61.07%, driven by strategic shifts in product and channel mixes, alongside new regulatory alignment. The company is now venturing into the FRA market to mitigate non-par segment risks.

(With inputs from agencies.)