Shares of Life Insurance Corporation of India (LIC) surged more than four percent on February 10 after the insurer reported a rock-solid set of quarterly numbers. At 9:17 am, the stock traded 3.2 percent higher at Rs 633.05 on the BSE.
Revenue rose 13 percent YoY to Rs 1.96 lakh crore with net profit surging 26 times to Rs 6,334 crore. Meanwhile, net premium income gained 15 percent at Rs 1.12 lakh crore.
LIC’s Assets Under Management (AUM) increased 10.5 percent YoY to Rs 44,34,940 crore as on December 31, 2022.
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The insurer said in an exchange filing that, “The business momentum continues to be strong for LIC and as a result the overall market share by First Year Premium Income (as per IRDAI) was 65.38 percent for the nine month ended December 31st 2022 as compared to 61.40 percent for the corresponding period last year”.
Besides a rock solid set of quarterly numbers, LIC management is said to meet the top management of the Adani Group soon and seek an explanation on the recent decline in share prices of its companies and its plan to deal with the crisis.
LIC is the second largest shareholder in most of the listed Adani group companies, with a cumulative investment of Rs 36,474.78 crore as of January 27, which in percentage terms is 4.23 percent of the total public holding in those companies. But for LIC's Rs 44.76 lakh crore investment asset under management, this is merely 0.97 percent, as per a news report.
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