A view of LIC constructing at Connaught Place, in New Delhi.
| Photograph Credit score: Sushil Kumar Verma
Shares of LIC on Might 25 climbed practically 4% after the corporate posted greater than five-fold soar in consolidated internet revenue at ₹13,191 crore for the fourth quarter ended March 2023.
The inventory gained 3.72% to ₹615.65 on the BSE.
Additionally Learn: LIC This autumn internet revenue surges over 5-fold to ₹13,191 cr
On the NSE, it jumped 3.63% to ₹615.50.
The insurer had earned a revenue of ₹2,409 crore in the identical quarter a yr earlier.
Nonetheless, complete revenue throughout the March quarter declined to ₹2,01,022 crore from ₹2,15,487 crore in the identical interval a yr in the past, LIC stated in a regulatory submitting on Might 24.
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For complete monetary yr 2022-23, Life Insurance coverage Company of India (LIC) registered a multi-fold rise in internet revenue to ₹35,997 crore from ₹4,125 crore in 2021-22.
The surge in annual revenue in FY23 was helped by a soar within the second quarter bottomline to ₹15,952 crore. It was because of a switch of ₹15.03 lakh crore to shareholders’ accounts on the finish of September.
Final yr, the federal government raised ₹20,557 crore by diluting its 3.5% stake in LIC via preliminary public providing (IPO), the nation’s largest ever.