LIC hits record low

Shares of Life Insurance Corporation (LIC) on Monday fell below the Rs 800-mark, the lowest level since listing on the bourses last month.

The share hit an all-time low of Rs 775.40 on the BSE before closing 2.86 per cent lower at Rs 777.40. It plunged 2.97 per cent to close at Rs 776.5 on the NSE.

LIC’s market capitalisation has also fallen below Rs 5 lakh crore to Rs 491,705 crore on the BSE.

The corporation had issued the shares at Rs 949 per share in the IPO and listed at an 8 per cent discount on the stock exchanges on May 17. The current market price is down 18 per cent from the IPO price.

LIC posted an 18.03 per cent decline in standalone net profit at Rs 2,371.55 crore for the quarter ended March 31, 2022 a net profit of Rs 2,893.48 crore in the same period of last year.

The net premium income of LIC, which listed its shares earlier this month, rose 18.18 per cent to Rs 143,745 crore for Q4 of FY22 as against Rs 121,626 crore in the year-ago period.

The company’s income from investments came in at Rs 67,498 crore as against Rs 67,435 crore in the year-ago quarter. Its solvency ratio, a measure of an insurer’s ability to meet its long-term debt obligations, rose to 1.85 from 1.76 a year earlier.

The net profit of LIC for the full year 2021-22 has gone up to Rs 4,124.70 as against Rs 2,974 crore in the previous year.

With Thanks Refrence to: https://indianexpress.com/article/business/companies/lic-hits-record-low-7956190/