Shares of LIC jumped over 4% to reach Friday's intraday high of ₹639.90 as the company reported a net profit of ₹8,334 crore compared to the ₹211 crore it booked in the corresponding quarter.
What Happened: The insurance giant had been feeling the burn at the bourses as many feared its exposure in the Adani Group. However, the company has said that its exposure in the group is limited. Investors, on the other hand, largely seemed to have not shared the same sentiment.
But the company posting strong Q3 numbers seems to have changed that. The company's net premium income grew 14% year-over-year to ₹1.12 lakh crore this quarter.
The company also reported a 10.54% YoY growth in Assets Under Management (AUM) to Rs 44.34 lakh crore compared to Rs 40.12 lakh crore on December 30th, 2022.
The company also informed that as per IRDAI data, the overall market share by First Year Premium Income (as per IRDAI) was 65.38% for the nine month ended December 31st, 2022 as compared to 61.40% in the year-ago period.
Commenting on the results, LIC Chairman MR Kumar said that the company "continues to remain focussed on creating a portfolio mix to optimise value for all stakeholders."
He added that the market is showing signs of robust growth and the company is confident of retaining and growing its market share going forward.
Price Action: LIC shares traded 1.65% higher at ₹623.95 as the markets opened on Friday.
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