Life Insurance Corporation (LIC) of India on February 9 reported a net profit of Rs 6,334.19 crore for the December quarter of the financial year 2022-23 (Q3FY23), a multifold year-on-year increase on the back of strong growth.

The net profit for the corresponding quarter of the previous year was Rs 234.91 crore. However, on a sequential basis, the life insurer’s net profit has seen a sharp fall. Its September quarter net profit was Rs 15,952.49 crore.

The life insurance behemoth’s net premium income grew by 14.5 percent to Rs 1.11 lakh crore from Rs 97,620 crore in the same quarter of the previous year. The first-year premium or new business premium grew to Rs 9,724.71 crore from Rs 8,748.55 crore in the December quarter of the previous financial year.

Profitability metrics such as the value of a new business and new business margin were healthy. For the nine months ended December, the value of the new business was Rs 5,478 crore.

The company didn’t provide a comparable year-ago figure for the same. The new business margin for the period was 14.6 percent.The expense of management was Rs 13,799 crore for the quarter, a mere 1.6 percent increase year-on-year.