LIC shares jump nearly 5 pc after Q4 earnings

Shares of Life Insurance Corporation of India (LIC) surged nearly 5 per cent after the firm reported a 23 per cent increase in net profit in the March quarter.

Shares of Life Insurance Corporation of India (LIC) on Friday climbed nearly 5 per cent after the firm posted a 23 per cent increase in net profit in the March quarter.

The stock rallied 4.78 per cent to Rs 839 on the BSE.

At the NSE, the stock jumped 4.84 per cent to Rs 839.

LIC on Thursday posted a 23 per cent increase in net profit to Rs 23,420 crore in the March quarter, helped by core business and return on investment.

The country's biggest insurer had earned a profit of Rs 19,013 crore in the corresponding quarter a year earlier.

The total income of the insurer during the reporting quarter rose to Rs 2,53,592 crore from Rs 2,22,805 crore in the same period of the preceding fiscal year, LIC said in a regulatory filing.

LIC's income from first-year premium also improved to Rs 12,970 crore in the latest January-March quarter against Rs 11,069 crore in the same period of the preceding fiscal year.

Income from renewal premiums in the reporting period increased to Rs 81,933 crore compared to Rs 79,138 crore a year ago.

During the quarter, total income increased to Rs 1,64,691 crore as against Rs 1,47,586 crore in the corresponding quarter of the previous fiscal.