A security guard walks past logos of Life Insurance Corporation of India (LIC) and Bombay Stock Exchange (BSE) inside the BSE building in Mumbai, India, May 17, 2022. REUTERS/Niharika Kulkarni/File photo
Life Insurance Corporation of India (LIFI.NS) reported second-quarter profit that halved on Friday, hurt by a fall in premium income and as it transferred a lower amount of money to its shareholders’ fund.
The company posted a profit after tax of 79.25 billion Indian rupees ($951.41 million) for the quarter ended Sept. 30, compared to 159.52 billion rupees a year ago.
Net premium income dropped 18.7% to 1.07 billion rupees.
As part of a move 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 Sept. 30, the company said.
However, that was lower than the 142.72 billion rupees transferred last year in the same period.
LIC said the results for the second quarter were not comparable because of the transfer of funds.
($1 = 83.2970 Indian rupees)
Reporting by Sethuraman NR in Bengaluru; Editing by Janane Venkatraman
