New Delhi: The second-quarter profit of India’s public-sector and largest insurer, Life Insurance Corporation, has halved. The insurance giant’s profit for the quarter ending September 30 was ₹7925 crore. In the same period a year ago, the firm’s profit was ₹15,952 crore, LIC said in its regulatory filing.
The company’s net income fell to ₹1,07,397 crore in the second quarter of the current fiscal against ₹1,32,631.72 crore in the same period last year.
LIC’s total income declined to ₹2,01,587 crore in the latest September quarter, compared to ₹2,22,215 crore in the year-ago period, added.
The profit was reportedly hurt by a fall in premium income. Also, it transferred a lower amount of money to its shareholders’ fund, reported Reuters.
The fall in its net income was 18 percent.
To boost its profitability after a change in its accounting policy, LIC transferred 62.77 billion rupees from its non-participating fund to a shareholders’ fund for the quarter ended September 30, the company said.
LIC had transferred more than twice the amount last year (142.72 billion rupees).
It, however, said the results for the second quarter this year and last year weren’t comparable because of the transfer of funds.
With inputs from PTI, Reuters
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