Shares of LIC on May 25 climbed nearly 4% after the company posted more than five-fold jump in consolidated net profit at ₹13,191 crore for the fourth quarter ended March 2023.
The stock gained 3.72% to ₹615.65 on the BSE.
At the NSE, it jumped 3.63% to ₹615.50.
The insurer had earned a profit of ₹2,409 crore in the same quarter a year earlier.
However, total income during the March quarter declined to ₹2,01,022 crore from ₹2,15,487 crore in the same period a year ago, LIC said in a regulatory filing on May 24.
For entire financial year 2022-23, Life Insurance Corporation of India (LIC) registered a multi-fold rise in net profit to ₹35,997 crore from ₹4,125 crore in 2021-22.
The surge in annual profit in FY23 was helped by a jump in the second quarter bottomline to ₹15,952 crore. It was due to a transfer of ₹15.03 lakh crore to shareholders’ accounts at the end of September.
Last year, the government raised ₹20,557 crore by diluting its 3.5% stake in LIC through initial public offering (IPO), the country’s biggest ever.