Life Insurance Corporation (LIC) shares jumped on Monday after the state-run insurance behemoth staged a strong performance last week.
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Life Insurance Corporation (LIC) shares jumped as much as almost nine percent on Monday, after the state-run insurance giant reported a strong set of quarterly financial results. On Friday, LIC reported a more than 11 times increase in quarterly net profit for the July-September period to Rs 15,952 crore driven by its strategic transition to a diversifying product mix.
The LIC stock jumped by as much as Rs 54.6 or 8.7 percent to Rs 682.7 apiece on BSE.
On Friday, LIC reported a net premium of Rs 1.32 lakh crore for the three-month period, up 27 percent compared with the corresponding period a year ago. Its solvency ratio — a key measure of profitability for insurers that determines a business's ability to meet its long-term obligations — improved to 1.88, from 1.83 in the year-ago period.
The insurance behemoth aims to grow the share of its non-participating segment — a non-participating policy does not share a part of the earnings with the policyholder.
The slice of non-participating business in the individual policy segment improved to 8.99 percent for the April-September period from 7.12 percent for the year ended March, LIC said.
LIC Q2 | #2QWithCNBCTV18Net premium up 27% at `1.32 lk cr vs `1.04 lk cr (YoY)First year premium up 11% at Rs 9,125 CrRenewal premium up 2% at Rs 56,156 CrSingle premium up 62% at Rs 66,901 Cr pic.twitter.com/hU8nKNf5M8— CNBC-TV18 (@CNBCTV18Live) November 11, 2022
LIC shares have rewarded investors with a return of 8.7 percent in the past one month — a period in which the Nifty50 benchmark has gained almost seven percent.
First Published: IST