LIC posts 145% jump in Q1 profit from sale of equities
Life Insurance Corporation of India (LIC) has registered a whopping 145 per cent jump in profit from sale of equities in the April-June quarter of the current financial year.
The insurance behemoth is looking at a double-digit growth in business in the current fiscal.
The state-owned life insurer has registered a growth of more than 10 per cent in terms of new business premium in the first quarter of the current fiscal.
"LIC made a profit of Rs 6,100 crore in the April- June quarter through sale of equities from Rs 2,489 crore in the year-ago period, thus showing a growth of 145 per cent," V K Sharma, LIC chairman, told reporters here on Friday.
"We have invested around Rs 16,000 crore in equities until July-end from Rs 43,800 crore which had been invested by us in equities in the last fiscal," he said.
Typically, LIC invests Rs 50,000 crore in equities, the only exception was in 2014-15 when it shot up to Rs 65,000 crore, largely due to our investments in the OFS of Indian Oil and ONGC, Sharma said.
"So even in this year we expect equity investments to remain in the same range," he added.
In equity investment, LIC will invest in line with its business growth in the current fiscal. "We expect to increase our investments in double digit in equities too." LIC has made a total investment in debt at Rs 2.62 trillion in the year gone by.
According to Sharma, LIC is eyeing a double-digit growth in business (in terms of both premium and policy as well for the current fiscal. pti