Life Insurance Corporation (LIC) of India reported a 40% surge in net profit in FY 2021-2022 at Rs. 4,043 crore. In the previous financial year, its net profit was Rs. 2,901 crore.
In terms of total revenue, the insurer saw 6% growth to reach Rs.7.20 lakh crore in FY 2021-22.
The first-year premium also rose to Rs. 36,649 crore from Rs. 33,930 crore. Renewal premium also showed a similar rise. It grew from Rs. 2.20 lakh crore to Rs. 2.30 lakh crore.
However, the last quarter of FY 2021-2022 witnessed a 18% drop in standalone net profit from Rs. 2,893 crore to Rs. 2,372 crore.