The net profit of Life Insurance Corporation of India (LIC) increased by 11.75% year-on-year in financial year 2023-24. It surged to over ₹40,675 crore from ₹36,397 crore from the year-ago period. The net profit in the quarter ending on March 31 saw a 2.5% year-on-year rise at ₹13,762 crore. LIC's asset quality improved in the final quarter, the company said.