LIC Shares Surge as Profit Grows in First Quarter

LIC's shares soared by nearly 5% following a 5% rise in net profit during the first quarter. The company expressed confidence in achieving double-digit growth for the year, with a significant increase in total income. LIC's CEO emphasized plans to enhance profitability moving forward.

Shares of Life Insurance Corporation (LIC) surged nearly 5% on Friday following the announcement of a 5% increase in the company's net profit for the first quarter. The stock demonstrated strong performance, rising to Rs 927 on the BSE and Rs 927.10 on the NSE.

LIC's net profit climbed to Rs 10,987 crore, reflecting a significant improvement from Rs 10,461 crore recorded a year ago. The company also reported a total income of Rs 2,22,864 crore, marking a noteworthy rise from the previous year's Rs 2,10,910 crore.

Newly-appointed CEO & MD R Doraiswamy expressed optimism about reaching respectable profitability levels and anticipated a double-digit growth in profits for the current fiscal year. The insurer recorded an 18% profit growth last year, with first-year premiums rising to Rs 7,525 crore in the latest quarter.

(With inputs from agencies.)