LIC Q1 net profit up 23% YoY; VNB jumps 61%

LIC is one of the biggest life insurance companies in India.

When people pay for insurance plans, the company invests that money and tries to earn more.

LIC just told everyone how much money it made in the first three months of the financial year, from April to June.

Its profit for the quarter was about ₹13,492 crore — nearly 23% more than it earned in the same period last year.

The value of its new business jumped by more than 61%, which means the new policies it sold are expected to bring in much more money over time.

The company's boss, Mr R Doraiswamy, said LIC stayed India's market leader even though competition is getting tougher.

LIC held about 60% of the market for new life insurance premiums in India.

The company also became financially stronger, with its solvency ratio improving to 2.42 from 2.17.

The money LIC manages for customers, called assets under management, grew to ₹59.39 lakh crore.

Overall, these numbers show that LIC is making more money and staying strong.