LIC shares surge over 7% post Q3 earnings

New Delhi: Shares of state-owned life insurer LIC on Friday surged over 7 per cent after the firm reported a 17 per cent jump in net profit in the December quarter. The stock jumped 7.26 per cent to settle at Rs 901.50 on the BSE.

During the day, it surged 7.97 per cent to Rs 907.50. At the NSE, shares of the firm climbed 7.39 per cent to end at Rs 901.85. During the day, it zoomed 8 per cent to Rs 907.50. The company’s market valuation jumped Rs 38,614.11 crore to Rs 5,70,198.54 crore.

LIC on Thursday reported a 17 per cent jump in profit to Rs 12,958 crore during the quarter under review on the back of growth in new business and investment income. The country’s biggest insurer, Life Insurance Corporation of India (LIC), earned a net profit of Rs 11,056 crore in the year-ago period.

During the quarter, the net premium income of the insurer rose to Rs 1,25,613 crore from Rs 1,06,891 crore in the same period a year ago, LIC said in a regulatory filing.

The total income also improved to Rs 2,33,984 crore in the latest December quarter compared to Rs 2,01,994 crore in the same period a year ago. Income from investment increased to Rs 1,07,608 crore from Rs 94,336 crore in the same quarter a year ago.