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The Life Insurance Corporation of India (LIC) on Friday said that it closed the first quarter of FY23 with a net profit of Rs 682.88 crore.

According to LIC, it closed the three months period ending June 30, with a net profit of Rs 682.88 crore on a total premium income of Rs 98,352 crore (previous year Q1 Rs 81,721 crore).

The company said its overall market share by First Year Premium Income increased to 65.42 per cent for the quarter ended June 30, as compared to full year market share of 63.25 per cent for FY 2021-22.

The market share by First Year Premium Income for the quarter ended June 30, 2021 was 67.52 per cent.

A total of 36.81 lakh policies were sold in the individual segment during the quarter ended June 30, thereby registering an increase of 59.56 per cent over the similar quarter last year when 23.07 lakh policies were sold.

The asset under management increased to Rs 41.02 lakh crore as on June 30, as compared to Rs 38.13 lakh crore on June 30, 2021 registering an increase of 7.57 per cent.

The net nonperforming assets (NPA) in the policyholders fund declined to Rs 9 crore for the quarter ended June 30, as compared to Rs 194 crore for the quarter year ended June 30, 2021.

As against Gross NPA of Rs 26,620 crore, NPA provision of Rs 26,611 crore has been made for quarter ended June 30.

"While the growth numbers are very robust for the first quarter as seen in comparison to the same quarter of FY 2021-22, we are aware that the Q1 of the previous year, FY 2021-22 was impacted by a very tough second wave of Covid," LIC Chairman M.R. Kumar said.

Kumar also said that LIC has now been included in the Fortune 500 list of companies and is placed at number 98 in the list. With this ranking, LIC is the top ranked Indian company on the Fortune 500 list.