Shares of the state-owned Life Insurance Corporation (LIC) gained 4% after it released its results for the quarter and the nine months ended December 31, 2023. 

LIC’s net profits rose year-on-year (YoY) by 49% to Rs 9,444.4 crore in Q3FY24 compared to Rs 6,334.2 crore in Q3FY23. The performance was driven by a 4.6% YoY growth in net premium income to Rs 1.17 trillion from Rs 1.11 trillion in the corresponding period of FY23. 

Apart from that, LIC also managed to decrease its Non-Performing Assets (NPA) to 2.15% in Q3FY24 from 2.43% in the previous quarter. The company also saw a 12% increase in net premium from investments at Rs 95,266.8 crore from Rs 84,869 crore in the same quarter last year. 

The company announced in a filing that its Board of Directors approved the payment of an interim dividend of Rs 4 per equity share with a face value of Rs 10 per for FY 23-24.

LIC recently became the largest listed Public Sector Unit (PSU) company in India with a market capitalisation of Rs 5.66 lakh crore, surpassing State Bank of India (SBI), which has a market capitalisation of Rs 5.60 lakh crore.

LIC’s shares hit a 52-week high of Rs 1,175, 6.3% higher than its previous closing price on the National Stock Exchange (NSE). However, the stock lost all early gains and was trading 1.93% lower at Rs 1,083.95 at 02:50 pm.