LIC Shares Spike as Q1 Net Profit Rises by 10%

Shares of Life Insurance Corporation of India (LIC) rose by 3% after the company reported a 10% rise in net profit for the June 2024 quarter, amounting to Rs 10,461 crore. The insurer's total income increased significantly, boosting confidence in its market performance.

Shares of Life Insurance Corporation of India (LIC) surged by 3% on Friday, following the company's announcement of a 10% increase in net profit to Rs 10,461 crore for the June 2024 quarter.

The stock price reached Rs 1,159.60 on the BSE and Rs 1,160 on the NSE. LIC's net profit for the same quarter last year stood at Rs 9,544 crore.

The company's total income climbed to Rs 2,10,910 crore, up from Rs 1,88,749 crore in the previous year's quarter, as revealed in a regulatory filing on Thursday. LIC's MD and CEO, Siddhartha Mohanty, noted a 16.22% increase in Assets Under Management (AUM), reaching Rs 53,58,781 crore by June 30. The total premium income also rose by 16% to Rs 1,13,770 crore. Additionally, Mohanty mentioned that LIC is exploring acquiring majority stakes in a standalone health insurance company.