During Monday's intraday session on the BSE, shares of Life Insurance Corporation of India (LIC) rose 9% to Rs 682.70 amid high volume as the company reported an increase of 11 times in net profit to Rs 15,952 crore during the July-September (Q2) quarter of FY23. Due to a change in its accounting procedure, whereby it moved Rs 14,272 crore from the non-participatory account to the shareholders' account, the net profit doubled.
The S&P BSE Sensex was down 0.10 percent at 09:57 am, while LIC traded 6% higher at Rs 663.95 on the BSE. The number of shares traded on the counter more than tripled, with 4.8 million (approximately) moving between the NSE and BSE.
The insurance giant reported net premium income of Rs. 1.32 trillion in the second quarter of FY23, an increase of 27% year over year (YoY) from Rs. 1.04 trillion in the comparable quarter of FY22. The company's income from first-year premiums increased 11% year over year to Rs 9,125 crore, while renewal premiums increased 2% to Rs 56,156 crore. To reach Rs 66,901 crore, single premium income surged by 62% year over year. During Q2 of FY23, investment income climbed 9.89% YoY to Rs 84,104 crore. Investment income in the prior quarter was Rs 76,534 crore.
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