LIC sees multifold increase in Q2 net profit at Rs 15,952 crore

This is due to transfer of funds from non-par to shareholders' account

State-owned Life Insurance Corporation (LIC) reported a multifold increase in net profit during July–September (Q2) of FY23.

This is due to a change in its accounting policy, wherein it has transferred Rs 14,271.80 crore to the shareholders’ account from the non-participatory account. 

Net profit in Q2 stood at Rs 15,952.49 crore, up 11 times from Rs 1,433.71 crore in the year-ago period. During the preceding quarter, the insurer had reported a net profit of Rs 682.88 crore.

“In accordance with a recent Irdai (Insurance Regulatory and Development Authority of India) letter and subsequent approval by the board of directors, the