The market responded positively to Life Insurance Corporation of India’s (LIC’s) January-March quarter (Q4) and full year results for the 2022-23 financial year (FY23).
The insurer reported standalone net profit of Rs 13,428 crore for Q4FY23, which was a 466 per cent rise year-on-year (YoY) from Rs 2,371 crore. The PAT (profit after tax) for FY23 was at Rs 36,397 crore, which was below standalone PAT of Rs 40,404 crore, YoY for FY22.
At consolidated level, the unadjusted PAT for Q4 was at Rs 13,190 crore and at Rs 35,996 crore for FY23 versus Rs 2,409 crore (Q4FY22) and Rs 4,124 crore (FY22). There was a transfer of Rs 27,240 crore to profits net of tax in FY23 which accounts for some of the PAT expansion.
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