LIC shares climb 3% after company posts 10% rise in net profit in Q1

New Delhi: Shares of Life Insurance Corporation of India (LIC) climbed 3 per cent on Friday after the company reported a 10 per cent rise in net profit to Rs 10,461 crore in the June 2024 quarter.

The stock jumped 3 per cent to Rs 1,159.60 on the BSE.

At the NSE, it climbed 3 per cent to Rs 1,160 apiece.

The state-owned life insurance behemoth had a net profit of Rs 9,544 crore in the year-ago period.

The total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period, LIC said in a regulatory filing on Thursday.

LIC MD and CEO Siddhartha Mohanty said the Assets Under Management (AUM) increased to Rs 53,58,781 crore as on June 30, as compared to Rs 46,11,067 crore at the end of same quarter previous year, registering an increase of 16.22 per cent.

The total premium income for the quarter increased by 16 per cent to Rs 1,13,770 crore, as compared to Rs 98,363 crore in the same quarter a year ago.

Asked about entry into the health insurance business, he said, LIC is exploring the option of picking up majority stakes in a standalone health insurance company.