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.

Life Insurance Corporation of India. (REUTERS Photo)

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.

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)

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