Life Insurance Company of India (LIC) shares rose 4.1% to Rs 617.1 in BSE intraday trade on Monday after reports that the company plans to move nearly $22 billion from policyholders’ funds to a fund dedicated to paying dividends or funds that issue bonus shares.

Following the report, LIC shares opened at Rs 606.90 on the NSE today, compared to the previous close of Rs 592.70.

Reuters reported that the company plans to transfer one-sixth of the 1.8 trillion rupees ($21.83 billion) of Rs 11.57 trillion in non-participating funds into its shareholder funds.

The state-owned insurer reportedly plans to divert nearly $22 billion from policyholders’ funds into a fund dedicated to paying dividends or issuing bonus shares.

According to Reuters, the move aims to boost its net worth and investor confidence. LIC was listed on the Indian stock exchange in May, but the share price has since fallen by more than 30%.

Life insurance companies mainly sell two types of products: “participating policies” that share profits with customers and “non-participating” or “non-face value” policies for fixed income. LIC will deposit premiums collected on non-face value policies into a non-participating fund.

They said the surplus from the non-participating fund was earmarked for shareholders and could be transferred to the shareholder fund, subject to approval by the LIC board, which is still being sought.

It added that if the transfer is completed, it will increase LIC’s net worth by about 18 times, making it currently worth about Rs 105 billion and top the net worth rankings of insurers such as SBI Life and HDFC Life.

According to Trendlyne, the top target for the stock was raised to Rs 1,000, while the average estimate was at Rs 853.9, suggesting an upside potential of around 44.1% from the current price.

Of the nine analysts covering the stock, six have a strong buy rating, one has a buy, and two have a hold rating. At 11:25 am, the stock was up 2.77% at Rs 609.35 from its previous close of Rs 592.95. The stock has fallen nearly 10% in the past three months and more than 30% since the state-owned insurer listed on the Indian stock exchange in May.