The profit after tax of the Life Insurance Corporation of India (LIC) increased by 17 percent to Rs 11,056 crore ($ 1.26 billion) in the quarter ended December 31, which was Rs 9,444 crore a year ago. Employees’ salary and welfare expenses declined by 30% to Rs 6,691 crore on an annual basis.
Let us know that Life Insurance Corporation of India (LIC) is the largest government life insurance company in India, which was established on 1 September 1956. The company offers financial services such as life insurance, health insurance, investment management, and mutual funds. The headquarters of LIC is located in Mumbai, and its 8 zonal offices and 101 divisional offices are spread across the country. About 2,048 offices and more than 1 million agents of the company are working all over India.