LIC Q3 result: Life insurer’s net profit surges multi-fold to Rs 6,334 cror

Life Insurance Corporation (LIC) of India on February 9 reported a net profit of Rs 6,334.19 crore for the December quarter of the financial year 2022-23 (Q3FY23), a multifold year-on-year increase on the back of strong growth.

The net profit for the corresponding quarter of the previous year was Rs 234.91 crore. However, on a sequential basis, the life insurer’s net profit has seen a sharp fall. Its September quarter net profit was Rs 15,952.49 crore.

The life insurance behemoth’s net premium income grew by 14.5 percent to Rs 1.11 lakh crore from Rs 97,620 crore in the same quarter of the previous year. The first-year premium or new business premium grew to Rs 9,724.71 crore from Rs 8,748.55 crore in the December quarter of the previous financial year.

Profitability metrics such as the value of a new business and new business margin were healthy. For the nine months ended December, the value of the new business was Rs 5,478 crore.

The company didn’t provide a comparable year-ago figure for the same. The new business margin for the period was 14.6 percent.The expense of management was Rs 13,799 crore for the quarter, a mere 1.6 percent increase year-on-year.

Comments

ICICI BANK LOAN FRAUD: CBI FILES CHARGE SHEET AGAINST KOCHHARS

The CBI has filed a rate sheet towards former MD and CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and Videocon Group founder Venugopal Dhoot in a Rs 3,250 crore mortgage fraud case, officers stated on Saturday. The enterprise has filed the rate sheet beneathneath sections 120-B (crook conspiracy) and 409 (crook breach of trust) of the Indian Penal Code (IPC) and provisions of the Prevention of Corruption Act, amongst others, they stated. The Central Bureau of Investigation (CBI) has named 9 entities, together with bsinesses and individuals, in step with the officers. The CBI has moved to report its very last document earlier than a unique courtroom docket in Mumbai with out the required requirement of sanction to prosecute Chanda Kochhar from ICICI Bank, the officers stated. A letter were despatched to the financial institution in search of the sanction however its reaction is awaited, they stated. Generally, the unique courtroom docket waits for the sanction earlier

FINANCIAL YEAR JUST GOT OVER. WHERE DO I THROW THESE TAX DOCUMENTS NOW

With monetary 12 months 2022-2023 finishing some days back, you may be tempted to push the tax-saving funding proofs to the back-burner. If you do now no longer hold a file, begin one. Even aleven though you or your business enterprise do now no longer want to publish helping files at the same time as submitting earnings-tax returns, there will be conditions while you'll be requested to supply them. The Income-Tax branch ought to call for those proofs, if the go back is picked up for scrutiny or re-evaluation. If so, you'll must produce them in 30 days. WHAT ARE THOSE FILES? They could encompass Form 16, funding evidence or top class fee receipts of your existence and fitness insurance, evidence of investments in equity-related financial savings schemes (ELSS), reproduction of Public Provident Fund (PPF) passbook or a stamped deposit receipt. Home lease agreements or even tour tickets for go away tour allowance (LTA) must be preserved. Additionally, in case you need to assert

HEALTH INSURANCE: 5 REASONS WHY IT IS A VITAL INVESTMENT FOR THE YOUNGER GENERATION

The fitness of an man or woman is the maximum crucial factor in life. It is critical to guide a healthful and snug life. In India, the more youthful era is regularly ignorant of the significance of medical health insurance and the want to put money into it. Health coverage is an crucial device for monetary safety towards clinical emergencies and different fitness-associated troubles. It enables to cowl the price of clinical remedies, surgeries, hospitalization and different clinical fees. The more youthful era in India faces diverse demanding situations together with growing unemployment and inflation, in conjunction with life-style modifications which could motive fitness problems. Health coverage can assist to guard them from the monetary burden of clinical fees and might offer get admission to to high-satisfactory healthcare. In this article, we define a few foremost motives why more youthful generations must have a tremendous outlook on medical health insurance. THE GROWING PRICE

Themoneygrowth

Search This Blog