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Life Insurance Corp. of India fiscal Q1 profit surges YOY

Life Insurance Corp. of India reported a year-over-year surge in net profit for the quarter ended June 30.

The insurer's after-tax net profit for the fiscal first quarter jumped to 144 million rupees from 22.6 million rupees in the prior-year period, according to a document recently obtained by S&P Global Market Intelligence.

Premium for the quarter rose year over year to 605.04 billion rupees from 579.34 billion rupees.

Operating expenses related to the insurance business slipped to 52.64 billion rupees from 54.67 billion rupees, while provisions for doubtful debts dropped to 2.74 billion rupees from 7.85 billion rupees in the year-ago period.

As of Aug. 11, US$1 was equivalent to 64.14 Indian rupees.