Life Insurance Corporation of India (LIC) chairman Siddhartha Mohanty said on November 8 that the company will complete the acquisition of stake in a health insurance company by the end of the current financial year. "Ground work is underway. I hope that by the end of this financial year, after getting approval from the regulatory authority, we will have some stake in a standalone health insurance company," Mohanty said after the company's quarterly results. However, Mohanty did not name the company in which the company is planning to buy stake.

Earlier during the earnings call after the results of the first quarter of FY 2025, Mohanty had said that LIC wants to acquire a standalone health insurance company in FY 2025 to enter the health insurance business. Apart from this, on the surrender value norms that came into effect from October 1, Mohanty said that LIC has redesigned its products and they are fully compliant with the rules. Quarterly results Life Insurance Corporation of India (LIC) has announced quarterly results. The company has informed that the company's profit has come down to Rs 7621 crore in the quarter ended September 2024, which was Rs 7925 crore in the same quarter a year ago. The company's premium income has increased by 11 per cent to Rs 1.20 lakh crore in the September quarter, which was Rs 1.07 lakh crore in the same quarter a year ago. Investment income grew 16 per cent to Rs 1.08 lakh crore in the September quarter as against Rs 93,942 crore in the same quarter last year. First year premium income during the second quarter grew 12 per cent to Rs 11,201 crore as against Rs 9,988 crore in the same quarter last year.