The Life Insurance Corporation of India posted a 38% rise in profits during the final quarter of FY25 amid lower employee-related expenses. The company saw its profit after tax rise to Rs 19,013 crore for the quarter ended March 31 — up from Rs 13,763 billion a year earlier. Employee renumeration and welfare costs fell sharply to Rs 59.28 billion while the net premium income dropped 3% to Rs 1,48,000 crore. The Board of Directors have recommended a final dividend of Rs 12 per share for FY2024 subject to the approval of shareholders.
“The year 2024-25 was a very exciting and challenging year for our business. After registering a very strong performance in the first six months, we had to redesign and relaunch products to comply with regulatory changes. However, we are very happy to state that this year, we have achieved many milestones. First, we have achieved Individual New Business Premium of Rs 62,495 crore, in a single year. Second, our Net VNB for the year is Rs 10,011 crore, i.e. over Rs 10,000 crore for the first time. Third, our VNB margin is steadily on the rise, reaching 17.6% as at 31st March 2025. Fourth, our strategy to increase Non Par share is further getting consolidated. This year, Non Par APE share within the individual business has risen to 27.69%. Finally, we are proud to say that we have declared bonus of Rs 56,190.24 crore to policyholders,” said CEO and MD Siddhartha Mohanty.
According to a regulatory filing, the total income of the insurer declined to Rs 2,41,625 crore during the reporting quarter — from Rs 2,50,923 crore in the same period of the preceding fiscal. LIC also saw its income from first-year premium moderated to Rs 11,069 crore in the latest January-March quarter against Rs 13,810 crore in the same period of the preceding fiscal. The income from renewal premiums however rose to Rs 79,138 crore compared to Rs 77,368 crore a year ago.
The insurer registered an 18% growth — earned a profit of Rs 48,151 crore as compared to Rs 40,676 crore in the previous fiscal. Total income during the financial year rose to Rs 8,84,148 crore as against Rs 8,53,707 crore in the previous financial year.
The company said that it had sold a total of 1,77,82,975 policies in the individual segment during the recently concluded financial year. The number marks a significant drop from the 2,03,92,973 policies sold during the year ended March 2024. A press note released by the company also indicated that LIC had also achieved a Guinness World Record in January this year for the ‘Most Life Insurance Policies Sold in 24 Hours’ by selling 5,88,107 policies across India.