Business

11 months ago

LIC Shares Shrug Off Fall in Premium, Trade 4% Higher on Surge in Q1 Profit

LIC (symbolic picture)
LIC (symbolic picture)

 

IIE Digital Desk : Shares of Life Insurance Corporation of India (LIC) opened 4% higher on the Bombay Stock Exchange on Monday, shrugging off a fall in premium collection in the first quarter of the financial year. The insurer's shares rose to a high of Rs 672.50, before settling at Rs 668.50, up 4.07% from the previous close.

LIC's net profit in the first quarter of 2023 rose to Rs 9,543 crore, from Rs 682 crore in the same period last year. The insurer's total premium collection fell to Rs 34,572 crore in the first quarter, from Rs 35,222 crore in the same period last year. The rise in LIC's share price is being seen as a positive sign by investors, who are betting on the insurer's strong financial performance in the coming quarters. The insurer is also expected to benefit from the government's plans to raise the foreign investment limit in the insurance sector to 74% from the current 49%.


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