Insurance companies have been hit hard by Covid deaths. Thousands of families claimed life insurance during the first and second waves. As a result, the insurance companies had to pay hundreds of crores of rupees. It affected the profitability of the companies. The insurance industry is recovering from the impact of Covid as normalcy has now returned.
In this case, the first quarter results of LIC have been released. LIC was listed on the stock market in May. Its shares have subsequently fallen 22 percent. LIC’s net profit for the first quarter April-June was Rs 682.89 crore. Its profit for the same period in 2021 was just Rs 2.94 crore. Total revenue for the June quarter stood at Rs 1,68,881 crore. It was Rs 1,54,153 crore in the June quarter of 2021.
At the same time, the profit and revenue has decreased significantly compared to the last January-March quarter. LIC’s profit for the March quarter was Rs 2,371 crore. The total income was Rs.2,11,451 crore. LIC has sold 36.81 lakh policies in the current quarter. LIC has assets under management of Rs 41 lakh crore.