State-owned insurer LIC reported a significant 49 per cent increase in net profit, reaching ₹9,444 crore for the third quarter ending December 2023. In comparison, it had a net profit of ₹6,334 crore in the corresponding period the previous year, as per a regulatory filing.
The net premium income rose to ₹1,17,017 crore for Q3 of the current fiscal, up from ₹1,11,788 crore a year ago. LIC's total income also saw a substantial increase to ₹2,12,447 crore in the latest December quarter compared to ₹1,96,891 crore in the year-ago period.
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LIC becomes fifth most valuable firm as stocks soar
Before the results announcement, LIC's shares surged over 6 per cent, propelling its market valuation to ₹6.99 lakh crore, securing its position as the fifth most valued company.
The country's most valued firms include Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys, and LIC.
{{/usCountry}}The country's most valued firms include Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys, and LIC.
{{/usCountry}}Last month, LIC surpassed the State Bank of India to become the country's most-valued PSU firm by market valuation.
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LIC share price
The stock settled at ₹1,106.25 on the Bombay Stock Exchange, reaching a record high during the day at ₹1,144.45. On the National Stock Exchange, it jumped 6.46 per cent to ₹1,112 a share.
LIC's market valuation increased by ₹38,740.62 crore to ₹6,99,702.87 crore, making it the fifth most valued firm by market capitalisation, surpassing ICICI Bank. Taking into account the day's record high of ₹1,144.45 per share, the company's market valuation reached ₹7.23 lakh crore.
LIC, the country's largest insurer, was listed in May 2022, with the government selling over 22.13 crore shares, representing a 3.5 per cent stake in LIC through an Initial Public Offering (IPO). The government continues to hold a 96.5 per cent stake in the company.
LIC's share price on Monday surged nearly 6 per cent to hit the ₹1,000 mark for the first time. So far this year, the stock has witnessed an impressive jump of nearly 33 per cent.
(Inputs from PTI)