The Life Insurance Corporation of India is due to report its first-quarter results on Thursday.
What Happened: LIC is expected to post a 9% to 33% jump in its annual premium equivalent (APE) compared to the previous year, according to brokerage reports.
The anticipated increase in the value of its new business (VNB) could stand in the range of 17% to 37% compared to the corresponding quarter of the previous fiscal year.
Yes Securities reportedly said that LIC’s APE for the June quarter will go up to ₹12,705 crore, potentially increasing 33% year on year. The value of its new business (VNB) is estimated at around ₹1,780 crore, marking a year-on-year growth of 37%.
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Antique Stock Broking projects a 9% year-on-year increase in LIC’s APE to ₹10,390 crore, with the company’s VNB expected to be around ₹1,520 crore, reflecting a likely 17% year-on-year increase.
LIC's Clarification Over Media Report: On Wednesday, the country's biggest life insurer issued a clarification over a media report suggesting that the Indian government is looking to dilute a small portion of its 96.5% stake in LIC.
The report suggested that the government may consider up to 5% stake dilution in LIC in the current fiscal as part of incremental steps to meet the minimum public shareholding norm.
"We hereby clarify that the Life Insurance Corporation of India is not aware of any development in this regard," the insurer rebutted.
Price Action: LIC was trading 0.43% higher at ₹1,128.35 on Thursday morning.
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