Science & Environment
LIC To Invest Around Rs 1.30 Lakh Crore In…
Market value of LIC’s investment in stocks of various companies stood at around Rs 15 lakh crore at the end of June.
LIC MD and CEO Siddhartha Mohanty has said that the corporation is looking to make fresh investments in equities during the current financial year.
Life Insurance Corporation of India (LIC) MD and CEO Siddhartha Mohanty has said that the corporation is looking to make fresh investments of around Rs 1.30 lakh crore in equities during the current financial year.
During April-June FY25, the insurance behemoth made an investment of about Rs 38,000 crore in shares as against Rs 23,300 crore in the same period a year ago.
LIC earned a profit of Rs 15,500 crore from its investments in equity markets during the first quarter. The profit from its investment was higher by 13.5 per cent quarter-on-quarter.
“We are surely looking at the markets and price movements…we are looking to invest a good amount at least whatever we had invested in last financial year…LIC made an investment of around Rs 1.32 lakh crore in FY’24,” he said.
Market value of LIC’s investment in stocks of various companies stood at around Rs 15 lakh crore at the end of June, he said.
LIC has exposure in 282 companies through investment in their shares as of June 30, 2024.
The Assets Under Management (AUM) increased to Rs 53,58,781 crore as at June-end as compared to Rs 46,11,067 crore at the end of same quarter previous year, registering an increase of 16.22 per cent.
Total investment grew by Rs 7,30,662 crore, from Rs 42,44,852 crore in March 2023 to Rs 49,75,514 crore as on March 31, 2024. Total equity investment portfolio constitute Rs 12,39,740 crore as against Rs 8,39,662 crore in 2022-23, whereas other investments constitute Rs 37,35,774 crore as against Rs 34,05,190 crore in 2022-23.
For June quarter 2024, LIC reported 10 per cent increase in net profit to Rs 10,461 crore as against Rs 9,544 crore in the year-ago period.
Total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period.
Total premium income for the quarter increased 16 per cent to Rs 1,13,770 crore as compared to Rs 98,363 crore in the same quarter a year ago.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
