Life Insurance Corp. of India reported a year-over-year increase in net profit for the quarter ended Sept. 30.
The insurer's after-tax net profit for the fiscal second quarter climbed to 37.8 million rupees from 27.6 million rupees in the prior-year quarter, according to document recently obtained by S&P Global Market Intelligence.
Premiums earned rose to 877.37 billion rupees from 744.05 billion rupees, the insurer said. Operating expenses related to the company's insurance business plunged to 68.04 billion rupees from 94.95 billion rupees. in the prior-year quarter.
Meanwhile, provisions for doubtful debts surged to approximately 7 billion rupees from 3.8 billion rupees.
For the six months to Sept. 30, the insurer's net profit surged year over year to 181.8 million rupees from 50.2 million rupees.
As of Dec. 11, US$1 was equivalent to 64.37 Indian rupees.
