The profit was Rs 0.91 crore a year earlier. Profit for the nine months ending December rose to Rs 1,642.78 crore from Rs 7.08 crore a year ago
The after-tax profit of the state-owned Life Insurance Corporation (LIC) rose to 234.91 crore rupees ($30.7 million) in the three months to December, from 0.91 crore in rupees a year earlier, according to the insurer’s website. Profit for the nine months ending December rose to Rs 1,642.78 crore from Rs 7.08 crore a year earlier.
The IPObound company had recorded a profit worth Rs 29,102 crore on the sale of investments in the first six months of the current financial year.
LIC filed its draft documents for the IPO on February 13. The government aims to sell nearly 5% of the capital of the life insurance major via the IPO. record profits accrued by the life insurer of Rs 46,187 crore for the financial year ending March 2021.
Previously, on January 25, LIC recorded an after-tax profit of Rs 1,437 crore for the first half of the financial year 202122 against Rs 6.14 crore for the period a year ago. Its new corporate premium growth rate was 554.1% in the first half of FY22, compared to 394.76% in the corresponding period last year, LIC said.
Its combined total net premiums increased by Rs 1.679 crore to Rs 1.86 lakh crore in April September 2021, from Rs 1.84 lakh crore more than a year ago.
Meanwhile, LIC’s IPO could be postponed until next fiscal year as the government is expected to hold a meeting to reassess the timeline ahead of the escalation of war between Russia and Ukraine, sources said. to CNBC TV18 on March 1.
The meeting for a likely reassessment of the LIC list will take place “this week”, a government official familiar with the development told the news channel. Finance Minister Nirmala Sitharaman had “stated the government’s position” on the matter, the official said, referring to his remarks during a recent interview with Hindu Business Line, in which he suggested that the global situation emerging market could justify a revision of the IPO calendar.
“Ideally, I would like to go ahead as we had planned it for a long time based on Indian considerations only,” Sitharaman told the Daily, adding that “if global considerations warrant me having to watch it, that I wouldn’t mind seeing him again.”