LIC Q3 Results: Public sector insurance company LIC has declared excellent results in the third quarter of the financial year 2022-23. LIC’s profit in the October to December quarter has been Rs 8334.2 crore, which is 34 times more than Rs 235 crore in the same quarter of the last financial year.
In the third quarter, LIC has received a premium of Rs 1,11,787.6 crore from premium, which was Rs 97,620 crore in the same quarter last year. Income from investments has increased to Rs 84,889 crore, which was Rs 76,574.24 crore a year ago.
On these results, LIC Chairman MR Kumar said that our focus is on creating such a portfolio for our stakeholders that can give them good value. He said that the market is showing signs of excellent growth and we are confident of maintaining our market share and growing further.
On Thursday, LIC shares closed at Rs 613 with a gain of 0.48 per cent. But LIC’s stock is still trading 35% below its IPO price of Rs 949.
At the same time, LIC is also engulfed in controversies these days. Adani Group is being criticized for investing in the shares of Adani Group. On January 30, 2023, LIC issued a statement clarifying the investment in Adani group companies. LIC had said that in the last several years, it has bought shares worth Rs 30,129 crore in the company of Adani Group, whose market value is Rs 56,142 crore on the basis of the closing price of January 27, 2023.
According to LIC, the total value of its investment in Adani group companies till December 31, 2022, including shares and debt, is Rs 35917.31 crore. And till date LIC’s total investment in Adani group is Rs 36,474.78 crore. LIC said that Adani Group has only 0.975 per cent of the book value of its total Asset Under Management. The total asset under management of LIC is Rs 41.66 lakh crore.
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