BENGALURU (Reuters) – Life Insurance Corporation of India reported a more than 11-fold jump in second-quarter profit on Friday, as the country’s largest insurer recognised a gain due to changes in its accounting policy.
The insurer posted a profit after tax of 159.52 billion Indian rupees ($1.98 billion) for the three months ended Sept. 30, compared to 14.34 billion rupees a year earlier.
Net premium income rose more than 26% to 1.32 trillion rupees, the company said in an exchange filing.
(Reporting by Nandan Mandayam and Nishit Navin in Bengaluru; Editing by Sriraj Kalluvila)
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