Daijiworld Media Network – Mumbai

Mumbai, May 22: Shares of Life Insurance Corporation of India (LIC) surged nearly 5 per cent on Friday after the insurance major reported a strong rise in net profit for the March quarter.

The stock climbed 4.78 per cent to Rs 839 on the BSE, while on the NSE it gained 4.84 per cent to close at Rs 839.

LIC on Thursday reported a 23 per cent increase in consolidated net profit to Rs 23,420 crore for the January-March quarter, aided by growth in core business operations and higher returns on investments.

The country’s largest insurer had posted a net profit of Rs 19,013 crore during the corresponding quarter of the previous financial year.

According to a regulatory filing, LIC’s total income during the reporting quarter rose to Rs 2,53,592 crore compared to Rs 2,22,805 crore in the same period last year.

The company also recorded growth in premium collections. Income from first-year premiums increased to Rs 12,970 crore during the quarter against Rs 11,069 crore a year earlier.

Renewal premium income also improved to Rs 81,933 crore from Rs 79,138 crore in the corresponding period of the previous fiscal.

LIC further stated that its overall income for the quarter stood at Rs 1,64,691 crore, compared to Rs 1,47,586 crore in the year-ago period, reflecting continued business growth and improved financial performance.