Life Insurance Corporation of India (LIC) on Thursday reported a 10 rise in its net profit to Rs 10,461 crore in the June 2024 quarter. 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. During the quarter under review, the first-year premium rose to Rs 7,470 crore as against Rs 6,811 crore in the year-ago period, it said. The insurer earned Rs 56,429 crore from renewal premiums as against Rs 53,638 crore a year ago. Net income from investments during the quarter rose to Rs 96,183 crore as compared to Rs 90,309 crore in the April-June period of previous fiscal. Solvency margin of LIC increased to 1.99 per cent as compared to 1.89 per cent in the same quarter a year ago.
Four of the top-10 most valued firms together added Rs 2.18 lakh crore in market valuation last week, with Life Insurance Corporation and State Bank of India emerging as the biggest gainers. From the top-10 pack, Reliance Industries, Tata Consultancy Services (TCS), Life Insurance Corporation of India (LIC) and SBI were the gainers. They collectively added Rs 2,18,598.29 crore in market capitalisation. On the other hand, HDFC Bank, ICICI Bank, Infosys, Bharti Airtel, Hindustan Unilever and ITC faced erosion from their valuation to the tune of Rs 1,06,631.39 crore. Last week, the BSE benchmark declined by 490.14 points or 0.67 per cent. Market valuation of LIC jumped Rs 86,146.47 crore to Rs 6,83,637.38 crore. The share price of LIC on Monday jumped nearly 6 per cent to hit the Rs 1,000 mark for the first time. SBI added Rs 65,908.26 crore, taking its valuation to Rs 6,46,365.02 crore. Market valuation of TCS climbed Rs 61,435.47 crore to Rs 15,12,743.31 crore and that of Reliance
Investment income boosts profit; premium income stays flat; individual policies sold fall
However, the first-year premium for the reporting quarter came down to Rs 6,811 crore as against Rs 7,429 crore in the year-ago period, it said
Net interest income sees an increase of 39 per cent, despite disbursements markedly declining in Q1 FY24
But analysts' target prices suggest limited upside in HDFC Life and ICICI Pru Life, and between 15-20 per cent for SBI Life, Max Life and LIC
Analysts see an upside of over 24% in insurer's stock in one year
The value of new business (VNB) margin for 2022-23 was 16.2 per cent (net) as compared to 15.1 per cent (net) in the previous year
Shares of the insurance behemoth are down 40 per cent over their issue price of Rs 949 to Rs 567 apiece
LIC's group single premium declined 65.76% to Rs 2899.63 crore in April while individual single premium dropped by 23.07% to 1014.47 crore
Life Insurance Corporation (LIC) on Monday said its holding in L&T Technology Services Ltd (LTTS), a subsidiary of L&T, crossed past 5 per cent. The shares were acquired in ordinary course of transaction through open market, LIC said in a regulatory filing. The holding in company has crossed 5 per cent on April 21, 2023. The acquisition of shares were done during the period from October 20, 2021 to April 21, 2023 at an average cost of Rs 4,140.67 per shares, it said. LTTS is an engineering services provider, offers engineering, research and development and digitalisation solution to companies in the areas such as transportation, industrial products, telecom and medical devices.
With a 10 per cent fall in equity markets, the embedded value of LIC declines by 7 per cent
The first-year premium for the reporting quarter came at Rs 7,429 crore as against Rs 5,088 crore in the year-ago period, it said in an exchange filing after its board meeting.
Dalal Street's debutant LIC has been on a negative slope even in rate hike scenarios. So, is there any more downside to the stock after a 21% fall from its issue price? Or will it stage bounce back?
The consolidated income in the third quarter of 2019-20 rose to Rs 5,006.12 crore, from Rs 4,465.76 crore in same period year ago
The LIC ADO and LIC AAO online recruitment examinations were conducted from July 6th to July 13th
The loss seems to be mainly on account of a large drop in the profits made from the sale or redemption of investments
Sensex rally has helped nation's largest financial investor book 19% more profit in March quarter