LIC (Life Insurance Corporation of India) shares saw a 3% increase at the start of trading on Friday. This rise came after the company announced strong results for the June quarter. LIC’s shares opened at ₹1,159. The company’s profit for the April-June period grew by 9% compared to last year, and its net premium income rose by 16%.
Strong Sales and Premium Income
In the first quarter of the fiscal year 2024-25, LIC sold 35 lakh insurance policies in the personal category, up from 32 lakh a year ago.
The company’s net premium income increased to ₹1.14 lakh crore in the June quarter, up from ₹98,755 crore in the same period last year. LIC’s new business premium income grew by 13.67% to ₹11,892 crore.
Increase in Policy Sales
LIC’s CEO and MD, Siddharth Mohanty, reported that the company sold 35,65,519 policies in the June quarter. This is an increase from 32,16,301 policies sold in the same quarter last year, marking a 10.86% rise in policy sales.
Impressive Returns for Investors
LIC is the largest insurance company in India with a 64.02% market share. Its shares have given investors a return of over 76% in the past year. So far this year, the shares have risen by 35%. LIC’s market capitalization is about ₹7.20 lakh crore. In the current fiscal year’s June quarter, LIC invested ₹17,000 crore in stocks.