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Life Insurance Corporation of India reported a 5 per cent rise in first-quarter profit on Thursday, helped by higher premium from renewed policies.
Profit after tax for the country's biggest insurer rose to 109.87 billion rupees ($1.26 billion) for the quarter ended June 30 from 104.61 billion rupees a year earlier.
The insurer's net premium income rose nearly 5 per cent to 1.19 trillion rupees, helped by a 6 per cent rise in its renewal premium collection.
LIC's new policy sales were subdued due to new regulations implemented earlier in October, which reduced the charges policyholders paid if they closed their policies before maturity. However, renewals bolstered its earnings.
Solvency ratio, the measure of an insurer's ability to meet its long-term financial obligations, rose to 2.17 during the quarter from 1.99 a year earlier and 2.11 in the prior quarter.
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