Shares of Life Insurance Corp. of India rose after its first quarter net profit rose.
The country's largest insurer saw its net profit rise 9% year-on-year to Rs 10,544 crore in the quarter-ended June 30, 2024, according to an exchange filing. Its net premium income soared by 16% to Rs 1.14 lakh crore.
LIC Q1 FY25 Result Highlight (Consolidated, YoY)
Net premium income up 16% to Rs 1.14 lakh crore.
Net profit up 9% at Rs 10,544 crore.
Annualised premium equivalent grew 11% to Rs 21,180 crore versus Rs 19,137 crore.
Value of new business advanced 23.6% from Rs 1,302 crore to Rs 1,610 crore.
VNB margin advanced to 13.9% from 13.7%.
Shares of LIC rose as much as 3.06% before paring gains to trade 0.94% higher at Rs 1,136.15 apiece as of 11:16 a.m. This compares to a 0.92% rise in the NSE Nifty 50.
The stock has risen 76.43% in the last 12 months and 36.5% year-to-date. The relative strength index was 55.59.
Out of 20 analysts tracking the company, 13 maintained a 'buy' rating, four recommend 'hold' and three suggests 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 0.2%.
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