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LIC shares climb nearly 6% after Q1 profit jumps manifold

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LIC Life insurance Corporation Share

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New Delhi: Shares of Life Insurance Corporation of India (LIC) on Friday surged nearly 6 per cent after the company reported a multi-fold jump in its April-June quarter net profit to Rs 9,544 crore.

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The stock climbed 5.42 per cent to Rs 676.95 on the BSE.

At the NSE, it jumped 5.81 per cent to Rs 679.

The state-run life insurance behemoth had a net profit of Rs 683 crore in the year-ago period.

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The total income increased to Rs 1,88,749 crore for the June quarter as against Rs 1,68,881 crore in the year-ago period, LIC said in a regulatory filing on Thursday.

Net income from investments during the quarter rose to Rs 90,309 crore as compared to Rs 69,571 crore in the April-June period of 2022-23.

On the asset quality front, gross non-performing assets ratio eased to 2.48 per cent from 5.84 per cent in the same period a year ago.

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