scorecardresearchLIC jumps 9% after surge in quarterly profit

LIC jumps 9% after surge in quarterly profit

Updated: 14 Nov 2022, 12:39 PM IST
TL;DR.

LIC's profit after tax surged to 159.52 billion Indian rupees ($1.98 billion) in the July-September quarter, from 14.34 billion rupees a year earlier, boosted mainly by the transfer of nearly $1.8 billion from policy holders' fund to shareholders' fund.

Mumbai, May 17 (ANI): Life Insurance Corporation of India (LIC) Chairman M R Kumar during the listing ceremony of LIC, at Bombay Stock Exchange (BSE), in Mumbai on Tuesday. (ANI Photo)

Mumbai, May 17 (ANI): Life Insurance Corporation of India (LIC) Chairman M R Kumar during the listing ceremony of LIC, at Bombay Stock Exchange (BSE), in Mumbai on Tuesday. (ANI Photo)

(PTI) Shares of LIC jumped over 9 per cent on Monday morning after the firm reported a multi-fold jump in net income at 15,952 crore in the quarter ended September 30.

The stock rallied 8.70 per cent to 682.70 on the BSE.

At the NSE, it climbed 9.11 per cent to 684.90.

A 27 per cent jump in premium income and massive gains from changes in its accounting policy along with investment income helped the national insurer LIC on Friday report a multi-fold jump in net income at 15,952 crore in the July-September quarter, from 1,434 crore a year-ago.

More than 40 per cent of the net income came in from profit from investments which reached 6,798.61 crore, but down from the year-ago period when it had booked 6,961.14 crore.

The bottom-line was also boosted by gains from changes in its accounting policy, the nation's financial powerhouse said in exchange filings.

In the June quarter, which was its first earnings after going public in May with an over 20,530-crore IPO, the insurer had reported a net profit of just 682.9 crore.

First Published: 14 Nov 2022, 09:59 AM IST