New Delhi, Feb 7 (IANS): The Life Insurance Corporation of India (LIC) on Friday reported over 16 per cent rise in its consolidated net profit to Rs 11,008 crore in the third quarter ended December 2024 (Q3 FY25), from the net profit of Rs 9,468.99 crore in the year-ago quarter.

The profit after tax (PAT) for the nine months ended December 31 was Rs. 29,138 crore compared to Rs 26,913 crore for the nine months ended December 31, 2023, registering a growth of 8.27 per cent, the nation’s largest insurer said in its stock exchange filing.

In the nine months of FY25, total premium income increased by 5.51 per cent to Rs 3,40,563 crore, and assets under management (AUM) went up by 10.29 per cent to Rs 54,77,651 crore.

Individual business non-par APE (annualised premium equivalent) increased by 106.52 per cent to Rs 6,813 crore while non-par APE share within individual business was up 27.68 per cent for 9M FY25 as compared to 14.04 per cent for 9M FY24.

New business premium income (individual) increased by 9.73 per cent to Rs 42,441 crore in the nine months of FY25.

LIC continues to be the market leader in Indian life insurance business with an overall market share of 57.42 per cent for nine months ended December 31, 2024.

LIC CEO and MD Siddhartha Mohanty said that "our focus and strategy remains consistent towards changing our product and channel mix to serve the needs of our customers, in a dynamic environment".

“For the nine-month period ended December 31st 2024, the non-par share within the individual business increased to 27.68 per cent, on an APE basis, as compared to 14.04 per cent for the same period last year.

Further, the value of the new business (VNB) margin has also improved to 17.1 per cent for the nine-month period ended December 31, 2024, as compared to 16.6 per cent for the same period last year, he added.

The value of new business (VNB) for the nine-month period ended December 31, 2024, was Rs 6,477 crore as compared to Rs. 5,938 crore for the nine-month period ended December 31, 2023, registering a growth of 9.08 per cent.

Mohanty further stated that till date, more than 1.25 lakh women have been registered in the Bima Sakhi Yojana and more than 70,000 have been appointed as Bima Sakhis.