LIC stock price up by 3%

25 May 2023 , 09:37 AM

Life Insurance Corporation’s stock rallied as much as 3% so far in today’s trade as the company has announced significant growth in its Q4FY23 numbers.

The company reported a standalone net profit of Rs 13,427.80 crore for Q4 of FY23, registering a whopping growth of 466% as compared to the corresponding quarter in the previous financial year.

During March 2022 quarter, the company’s net profit stood at Rs 2,371.50 crore. While, sequentially, profit grew by 112%.

However, the company’s standalone net premium income fell by 8.3% y-o-y to Rs 1.31 lakh crore for Q4FY23. Whereas, on a Q-o-Q basis, the company reported a 17.90% surge in its net premium income.

‘The first-year premium fell 12.33% year-on-year to Rs 12,811.2 crore, but the renewal premium increased 6.8% to Rs 76,009 crore as compared to the previous year,’ the life insurance major said in a filing to exchanges on May 24.

LIC earned a net commission of Rs 8,428.5 crore in the fourth quarter of the fiscal year 2022-23, up 5.4% against the previous year and 33.4% against the previous quarter.

At around 9.33 AM, LIC was trading 1.70% higher at Rs 604, against the previous close of Rs 593.90 on NSE.

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