LIC jumps 9% after surge in quarterly profit

More than 40% of the net income came in from profit from investments which reached Rs 6,798.61 crore

Shares of LIC jumped over 9 per cent on Monday morning after the firm reported a multi-fold jump in net income at Rs 15,952 crore in the quarter ended September 30.

The stock rallied 8.70 per cent to Rs 682.70 on the BSE.

At the NSE, it climbed 9.11 per cent to Rs 684.90.

A 27 per cent jump in premium income and massive gains from changes in its accounting policy along with investment income helped the national insurer LIC on Friday report a multi-fold jump in net income at Rs 15,952 crore in the July-September quarter, from Rs 1,434 crore a year-ago.

More than 40 per cent of the net income came in from profit from investments which reached Rs 6,798.61 crore, but down from the year-ago period when it had booked Rs 6,961.14 crore.

The bottom-line was also boosted by gains from changes in its accounting policy, the nation's financial powerhouse said in exchange filings.

In the June quarter, which was its first earnings after going public in May with an over Rs 20,530-crore IPO, the insurer had reported a net profit of just Rs 682.9 crore.