Image Source : LIC (X) Life Insurance Corporation Q2 net profit rises 49 per cent to Rs 9,444 crore.
LIC profit rises: State-owned insurer LIC today (February 8) reported a 49 per cent jump in net profit at Rs 9,444 crore for the third quarter ended December 2023. The country’s biggest insurer had a net profit of Rs 6,334 crore in the year-ago period, according to a regulatory filing.
Its net premium income rose to Rs 1,17,017 crore in the third quarter of the current fiscal from Rs 1,11,788 crore in the same period a year ago. LIC’s total income increased to Rs 2,12,447 crore in the latest December quarter compared to Rs 1,96,891 crore in the year-ago period.
LIC becomes 5th most valuable firm as stocks soar
Shares of Life Insurance Corporation of India (LIC) jumped more than 6 per cent on Thursday, with its market valuation climbing to Rs 6.99 lakh crore, making the firm the fifth most valued company. The stock climbed 5.86 per cent to settle at Rs 1,106.25 apiece on the BSE. During the day, it zoomed 9.51 per cent to hit its record high of Rs 1,144.45.
On the NSE, it jumped 6.46 per cent to Rs 1,112 a share. The company’s market valuation went up by Rs 38,740.62 crore to Rs 6,99,702.87 crore. With this, the company became the fifth most valued firm by market capitalisation (mcap), beating ICICI Bank.
Taking into account the record high of Rs 1,144.45 per share, the company’s market valuation reached Rs 7.23 lakh crore. Prime Minister Narendra Modi told Rajya Sabha on Wednesday that the opposition spread rumours about LIC, but today its shares are trading at record-high prices.
Reliance Industries is the country’s most valued firm with a market valuation of Rs 19,64,044.94 crore, followed by Tata Consultancy Services (Rs 15,13,218.99 crore), HDFC Bank (Rs 10,66,150.51 crore), Infosys (Rs 7,02,754.66 crore) and LIC (Rs 6,99,702.87 crore).
Last month, LIC surpassed State Bank of India (SBI) to become the country’s most-valued PSU firm by market valuation. The country’s largest insurer was listed in May 2022. The government had sold over 22.
13 crore shares, or a 3.5 per cent stake in LIC, through an Initial Public Offering (IPO).
The government holds a 96.5 per cent stake in the company. The share price of LIC on Monday jumped nearly 6 per cent to hit the Rs 1,000 mark for the first time. So far this year, the stock has jumped nearly 33 per cent.
ALSO READ: RBI keeps repo rate unchanged at 6.50 per cent for sixth time in a row
ALSO READ: RBI will deal with Paytm issue, government has nothing to do with it: Financial Services Secretary
