LIC share price rises 5% to scale 52-week highs post Q3 results
Life Insurance Corporation of India (LIC) share price gained more than 5% to touch fresh 52-week highs in morning trades on Friday post Q3 results. The company had reported its financial performance in Thursday after the market hours.
Life Insurance Corporation of India (LIC) had reported a strong 49% year-on-year increase in net profit during the October-December quarter of FY24 to ₹9,444.4 crore compared to ₹6,334.2 crore in the same period last year.
The strong growth in earnings is likely to have been driven by an increase in net income from investments and also the growth in net premium income.
The net premium income of LIC grew by 4.6% to ₹1.17 trillion ( ₹1,17,017 Crore) compared to ₹1.11 trillion ( ₹1,11, 787.6 Crore) in Q3 FY24. LIC’s net income from investments during the December quarter rose by 12% year-on-year to ₹95,266.8 crore
VNB (Value on new business) grew 14% to ₹4636 Crore.
LIC share prices is on a regular rise and has gained more than
LIC also has been seeing strong growth during the ongoing quarter. Growth for LIC was strong for the second consecutive month (up 14% yoy) during February, as per a Kotak institutional Equities report.
LIC launched two new non-par and one ULIP products in the past three months, likely resulting in higher growth, said analysts. Increase in share of non-par may augur well for margins.
LIC reported 14% year-on-year APE (annual Premium equivalent) growth in January 2024 and 31% yoy in December 2023 compared to -25% to +3% reported during the first eight months of the year.
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Published: 09 Feb 2024, 09:28 AM IST
