Life Insurance Corporation of India (LIC) share price dropped nearly 4 percent in December 10 trade amid decline in the November premiums for the state-run insurer.
The insurance behemoth reported a drop of 27 percent year-on-year (YOY). Both total and retail APE for LIC were down in November, by 19% and 12%, respectively, CNBC-TV18 reported.
LIC stock has fallen after four days of consecutive gain. It touched an intraday low of Rs 950.7 per share on the, declining 3.61 percent.
The shares of the company delivered 11.26 percent returns this year so far, compared to 12.84 percent returns by the benchmark Sensex during the same period.
Meanwhile, the state-run Life Insurance Corporation has no objections to Centre allowing 100% FDI in the insurance sector, and has sent its suggestions on the matter to the government, sources close to the development informed Moneycontrol.
LIC's MD and CEO Siddhartha Mohanty has said the the insurer has been scouting for opportunities to enter the health insurance segment. "Our groundwork is underway, and within this financial year, we expect to acquire a stake in an existing standalone health insurance provider," he told analysts during the earnings call on November 8.
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