Life Insurance Corporation of India (LIC) logo.
Credit: Reuters Photo
New Delhi: Shares of insurance behemoth LIC on Friday jumped nearly 5 per cent after the firm reported a 5 per cent rise in net profit in the first quarter and exuded confidence of a double-digit growth in the bottom line in the current financial year.
The stock climbed 4.69 per cent to Rs 927 on the BSE.
At the NSE, it went up by 4.75 per cent to Rs 927.10.
LIC on Thursday reported a 5 per cent rise in its net profit to Rs 10,987 crore for the first quarter and exuded confidence of a double-digit growth in the bottom line in the current financial year.
The Life Insurance Corporation of India (LIC) reported a net profit of Rs 10,461 crore in the first quarter of 2024-25.
The total income increased to Rs 2,22,864 crore during the latest June quarter, as against Rs 2,10,910 crore in the year-ago period, LIC said in a regulatory filing.
"We are looking at enhancing profitability. We would be reaching a respectable level and expect double-digit growth in profits during the current financial year," newly-appointed LIC CEO & MD R Doraiswamy said.
During the last financial year, the insurer earned a profit of Rs 48,151 crore, compared to Rs 40,676 crore in the previous fiscal, registering an 18 per cent growth.
In the June quarter, the first-year premium rose to Rs 7,525 crore, compared to Rs 7,470 crore in the same period last year, it said.