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Life Insurance Corp. of India fiscal Q1 net profit drops 10.3% YOY

Life InsuranceCorp. of India posted a 10.3% year-over-year decline in profit forthe first quarter ended June 30.

The insurer's profit after tax dropped to 22.6 millionIndian rupees from 25.2 million rupees in the year-ago period.

Premium for the quarter rose to 579.34 billion rupees from498.06 billion rupees in the prior-year period.

Operating expenses related to the insurance businessincreased to 54.67 billion rupees from 45.17 billion rupees, while provisionfor doubtful debts climbed to 7.85 billion rupees from 3.59 billion rupees.

As of Aug. 11, US$1was equivalent to 66.74 Indian rupees.