LIC, India’s largest life insurer, reported only a slight increase in net income for the March quarter due to a significant wage hike impacting business performance. Despite earning higher margins from new business, the net profit rose by only 2.5% annually. Chairman Siddhartha Mohanty expressed confidence in better performance for FY25, citing a substantial uptick in new business premiums in the first two months of the year, especially from big-ticket policies. While investment profits surged, rising expenses and improved asset quality influenced the overall financial picture.