Life Insurance Corporation of India Q1 Results Revenue up 11.49% YoY but down 16.13% QoQ

Life Insurance Corporation of India: In the first quarter of 2024, Life Insurance Corporation of India (LIC) had mixed financial results. Their total revenue was ₹212,100.82 crores, which is a significant increase of 11.49% compared to the same period last year. However, it decreased by 16.13% from the previous quarter. 

Their expenses for selling, general, and administrative costs fell sharply by 44.95% from the last quarter, which is a positive change. But, compared to the same time last year, these expenses went up by 13.58%. On the other hand, other operating expenses rose by 25.36% from the last quarter and more than doubled (106.79%) compared to the previous year.

Life Insurance Corporation of India's total operating expenses increased by 11.80% year-over-year but decreased by 15.62% from the previous quarter. The operating income, which is the money left after paying operating expenses, went down by 26.04% from the last quarter but increased by 4.94% from the previous year. Their net income before taxes fell by 25.96% from the last quarter but rose by 4.99% year-over-year. 

The net income, or the profit after all expenses, was down by 23.49% from the last quarter but up by 9.44% from the previous year. Lastly, their diluted normalized earnings per share (EPS) decreased by 12.83% from the previous quarter but increased by 44.88% compared to the same period last year.

Here’s a summary of the Life Insurance Corporation of India’s Q1 results for June 2024:

Source: Here 

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Life Insurance Corporation of India Q1 Results

The Life Insurance Corporation of India table shows the financial performance for the three months ending June 30, 2024. During this period, LIC earned a total of ₹7,470.43 crores from first-year premiums, which is money paid by new policyholders. For renewal premiums, which are payments from existing policyholders, LIC earned ₹56,429.19 crores. They also collected ₹50,000.62 crores from single premiums, which are one-time payments. All these premiums together made LIC's net premium income ₹113,770.14 crores.

LIC made ₹96,182.56 crores from investments and earned an additional ₹145.48 crores from other sources. After transferring some funds from shareholders’ accounts, the total income came to ₹210,909.82 crores. They paid commissions totaling ₹5,090.07 crores to agents for selling policies.

Life Insurance Corporation of India’s operating expenses, including salaries and other costs, were ₹13,521.30 crores. LIC also made various provisions for doubtful debts, taxes, and benefits paid to policyholders, amounting to ₹200,022.44 crores. After all these expenses, LIC ended with a surplus of ₹10,887.38 crores. From this surplus, they allocated ₹10,779.86 crores to shareholders and kept ₹107.52 crores for future use. Overall, LIC’s surplus was ₹11,616.49 crores, showing a healthy financial position for the quarter.

Here's a simplified summary of the Life Insurance Corporation of India's financial results for the quarter ended June 30, 2024:

(Rs. in Crore) 

Life Insurance Corporation of India Financial Metrics

Life Insurance Corporation of India (LIC) table shows key financial details. The company’s market capitalization is ₹6,76,553 Crores, meaning its total value in the stock market is very high. The current price of LIC’s stock is ₹1,070. The highest price it reached was ₹1,222, and the lowest was ₹597. The Price-to-Earnings ratio (P/E) is 16.2, indicating how much investors are willing to pay for each unit of profit. The Book Value is ₹131, showing the company’s value per share. 

Here's the information in table format:

Quarterly Results 

Life Insurance Corporation of India (LIC) table shows the financial performance for three quarters: December 2023, March 2024, and June 2024. It includes key figures like Sales, Expenses, Operating Profit, and Net Profit. In December 2023, LIC's sales were ₹214,054 crores, with expenses of ₹204,815 crores, resulting in an Operating Profit of ₹9,239 crores and a Net Profit of ₹9,434 crores.

Here is the table for December 2023, March 2024, and June 2024:

About Life Insurance Corporation of India 

The Life Insurance Corporation of India (LIC) is a major insurance company founded on September 1, 1956, after the nationalization of the life insurance industry. LIC was created to provide insurance coverage across India, especially focusing on reaching rural areas and offering financial protection to everyone. It began with five zonal offices, 33 divisional offices, and 212 branch offices. Over the years, LIC expanded its network significantly, increasing the number of branches and divisional offices to better serve its customers.

Life Insurance Corporation of India company also adopted modern technology, setting up computerized systems and online services for greater convenience. Today, LIC operates with over 2,000 fully computerized branch offices, 113 divisional offices, 8 zonal offices, and numerous satellite offices. It offers various services like online premium payments, information centers, and satellite offices for easy access. 

Life Insurance Corporation of India has issued over one crore policies recently and continues to be a leading life insurer in India, striving to provide financial security to families and maintain its strong presence in the insurance sector. Its commitment to growth and service has helped it set numerous performance records in the industry.