Story by PTI, Financial Express
:: State-owned insurer LIC on Thursday reported a 49 per cent jump in net profit at Rs 9,444 crore for the third quarter ended December 2023.

The country’s biggest insurer had a net profit of Rs 6,334 crore in the year-ago period, according to a regulatory filing.

Its net premium income rose to Rs 1,17,017 crore in the third quarter of the current fiscal from Rs 1,11,788 crore in the same period a year ago.

LIC’s total income increased to Rs 2,12,447 crore in the latest December quarter compared to Rs 1,96,891 crore in the year-ago period.

LIC Becomes Fifth Most Valuable Firm As Stocks Soar

Shares of Life Insurance Corporation of India (LIC) jumped more than 6 percent on Thursday, with its market valuation climbing to Rs 6.99 lakh crore, making the firm the fifth most valued company. The stock climbed 5.86 percent to settle at Rs 1,106.25 apiece on the BSE. During the day, it zoomed 9.51 percent to hit its record high of Rs 1,144.45.

On the NSE, it jumped 6.46 percent to Rs 1,112 a share. The company’s market valuation went up by Rs 38,740.62 crore to Rs 6,99,702.87 crore. With this, the company became the fifth most valued firm by market capitalization (MCAP), beating ICICI Bank.