State-owned insurer LIC on Friday reported a 50 per cent fall in net profit at Rs 7,925 crore for the quarter ended September 30, on lower income. The country's biggest insurer had a net profit of Rs 15,952 crore in the year-ago period, LIC said in a regulatory filing.Its net premium income eased to Rs 1,07,397 crore in the second quarter of the current fiscal, from Rs 1,32,631.72 crore in the same period a year ago. LIC's total income declined to Rs 2,01,587 crore in the latest September quarter, compared to Rs 2,22,215 crore in the year-ago period, it said.
It is under the ownership of Government of India and administrative control of the Ministry of Finance. The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act, nationalising the insurance industry in India. Over 245 insurance companies and provident societies were merged together. The LIC invests in sectors such as banks, cement, chemicals and fertilizers, electricity and transmission, electrical and electronics, engineering, construction and infrastructure, fast-moving consumer goods, finance and investments, healthcare, hotels, information technology, metals and mining, motor vehicles, and ancillaries, oil and natural resources, retail, textiles, transportation, and logistics.