Mumbai: IPO-bound Life Insurance Corporation of India (LIC) on Tuesday reported a profit after tax of Rs 1,437 crore for the first half of the financial year 2021-22 as compared with Rs 6.14 crore in the year-ago period.
Its new business premium growth rate stood at 554.1 per cent in H1FY22, compared with 394.76 per cent during the corresponding period of the preceding financial year, LIC said on Tuesday. Its overall total net premiums increased Rs 1,679 crore to Rs 1.86 lakh crore during April-September 2021, from Rs 1.84 lakh crore in the year-ago period.
The state-owned insurer reported a jump of Rs 17,404 crore in overall premiums and income from investments grew to Rs 3.35 lakh crore in the April-September 2021 period.
The overall income from investments grew Rs 15,726 crore to Rs 1.49 lakh crore in H1FY22, the insurer said.
Income from interest, dividends and rent (gross) grew to Rs 10,178 crore in H1FY22. Income from profit on sale/redemption of investments increased to Rs 10,965 crore.