Mumbai, Aug. 6 -- Life Insurance Corporation of India (LIC) reported a sharp improvement in the profitability of its new business during the first quarter of FY27, with its Value of New Business (VNB) rising 61.32 per cent year-on-year to Rs 3,136 crore, while the net VNB margin expanded by 750 basis points to 22.9 per cent. The state-owned insurer also posted a 22.81 per cent increase in profit after tax (PAT) to Rs 13,492 crore for the April-June quarter.

LIC's total premium income grew 6.75 per cent year-on-year to Rs 1,27,250 crore during the quarter, supported by growth in both individual and group businesses. Individual new business premium rose 14.48 per cent to Rs 14,351 crore, while group business premium increased 8.61 per cent...