LIC Shares Rise 1% After Strong Q1 Profit

New Delhi, Aug 9 (PTI) Shares of Life Insurance Corporation of India (LIC) trimmed most of their early gains and ended nearly 1 per cent higher on Friday.

During the morning trade, the stock climbed 3 per cent after the company reported a 10 per cent rise in net profit to Rs 10,461 crore in the June 2024 quarter.

The stock ended at Rs 1,133.60, up 0.70 per cent on the BSE. During the day, it jumped 3 per cent to Rs 1,159.60.

At the NSE, it ended 0.97 per cent higher at Rs 1,136.60 after climbing 3 per cent to Rs 1,160 apiece during the day.

The company's market valuation stood at Rs 7,17,001.74 crore.

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 the same quarter of the previous year, registering an increase of 16.22 per cent.

The total premium income for the quarter increased 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.