Shares of Life Insurance Corporation of India (LIC) were making big gains on Thursday ahead of the insurer’s third-quarter results despite a gloomy broader market.
What Happened: LIC’s board meeting, scheduled for today, will report the unaudited financial results for the quarter and nine-month period ended December 31. Discussions will also include a proposal for an interim dividend for FY23-24.
Analyst Expectations: Analysts at Emkay Global anticipate LIC to post a 12.2% year-on-year profit increase to ₹7,108.70 crore in Q3, compared with ₹6,334.20 crore in the same quarter last year.
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They forecast a 14.3% decline in annual premium equivalent (APE) to ₹10,561.70 crore from ₹12,317 crore, with the value of new business (VNB) estimated at ₹1,641.10 crore versus ₹1,801 crore last year.
Additionally, VNB margin is projected to expand to 15.5% from 14.6%, and assets under management (AUM) to rise by 11.9% to ₹49.61 lakh crore compared with ₹44.35 crore a year ago.
Prime Minister Narendra Modi remarked on Wednesday that despite alleged rumours that had been spread about India’s top insurer, LIC’s stock continues to trade at record levels.
What Happened: LIC’s share price skyrocketed 9.27% to 1,141.25 around mid-day on Thursday, reaching a fresh record high.
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