LIC Reports Highest Profit Among Financial Firms in Q1 2023

LIC Surpasses SBI, HDFC Bank to Become Highest Profit-Making Firm in Indian Financial Sector

In a remarkable performance, the State-owned Life Insurance Corporation of India (LIC) has emerged as the highest profit-making firm in the Indian financial sector in the March quarter, netting a little over Rs 23,400 crore. This achievement marks the fourth consecutive quarter that LIC has maintained the number one position for profit among Central Public Sector Enterprises (CPSEs) for the financial year 2026 (FY26).

According to financial numbers posted on exchanges, LIC reported a 23 percent jump in net profit to record Rs 23,420 crore in the just concluded March quarter as compared to Rs 19,013 crore in the corresponding period of the previous year. This remarkable growth surpasses the profits of SBI and HDFC Bank, the country's biggest and second-biggest lenders, respectively. SBI earned Rs 19,684 crore, while HDFC Bank posted a profit of Rs 19,221 crore during the fourth quarter.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

While LIC maintained its position as the highest profit-making firm among CPSEs, SBI significantly outpaced it in annual profit, earning Rs 80,032 crore in FY26 compared to LIC's Rs 57,419 crore. HDFC Bank's profit stood at Rs 74,670 crore, followed by ICICI Bank at Rs 50,147 crore.

Among other PSUs, Indian Oil Corporation (IOC) closed the fourth quarter with a net profit of Rs 11,378 crore, followed by Coal India at Rs 10,839 crore, Power Finance Corporation (PFC) earned Rs 8,598 crore, and NTPC Rs 8,747 crore as profit, as per the data available on stock exchanges. Other CPSEs like Power Grid Corporation of India posted a profit of Rs 4,546 crore, REC Ltd net profit at Rs 3,375 crore, and Steel Authority of India Ltd at Rs 1,680 crore.

The stellar performance of LIC led to a significant jump in its shares, which rose 5 percent in opening trade at Rs 839 apiece on the BSE on May 23. The corporation's Assets Under Management (AUM) increased to Rs 57,29,396 crore as of March 31, 2026, from Rs 54,52,297 crore on March 31, 2025, registering an increase of 5 percent year-on-year. During the year, LIC's total premium income rose by 10 percent to Rs 54,52,297 crore compared to Rs 54,52,297 crore a year ago. At the same time, adjusted net worth improved to Rs 1,69,605 crore from Rs 1,20,258 crore in FY25.

In a separate development, Vodafone Idea became the highest quarterly profit earner in the January-March quarter with a record bottomline of Rs 51,970 crore, its first ever in about six years mainly due to relief in statutory liabilities. It was followed by Reliance Industries with a net profit of Rs 16,971 crore, down from Rs 19,407 crore in the same January-March period in the preceding year.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline