Life Insurance Corporation (LIC), the largest life insurance provider in India, declared a net profit of Rs 15,952 crore for the quarter ending September (Q2FY23), a significant rise from Rs 1,433 crore in the same quarter the previous year.
The insurance had only declared a net profit of Rs. 682.9 crore for the quarter ending in June.
First-year premium, a sign of company expansion, increased to Rs 9,124.7 crore for the quarter from Rs 8198.30 crore a year earlier.
Net premium income increased from Rs. 1.04 lakh crore to Rs. 1.32 lakh crore over the same period last year.
There were numerous rumours regarding the state-run company’s intentions to pay dividends or provide bonus shares to shareholders days before the presentation of the quarterly results. The reports on October 31 caused the LIC shares to increase by more than 2.5% in early trade.
On November 11, the stock’s closing price on the BSE was Rs 628, up almost 1.17 percent from the previous day’s finish.
Although the stock has increased recently, it has not yet reached the level at which it was when the company made its illustrious initial public offering (IPO).
LIC made its debut on the stock markets in May of this year, but since then, the shares have fallen by about 30%.
