The CEO and MD of Life Insurance Corporation of India (LIC), Siddhartha Mohanty, has stated that the company plans to spend an additional Rs 1.30 trillion in equity during the current fiscal year.
The insurance giant invested around Rs 38,000 crore in shares between April and June of FY25, compared to Rs 23,300 crore during the same period the previous year.
LIC’s equity market investments yielded a profit of Rs 15,500 crore in the first quarter. Its investment yielded a profit that increased by 13.5% from quarter to quarter.
“We are surely looking at the markets and price movements…we are looking to invest a good amount at least whatever we had invested in last financial year…LIC made an investment of around Rs 1.32 trillion in FY’24,” he stated.
At the end of June, the market value of LIC’s holdings in equities of different companies was approximately Rs 15 trillion, he stated.
By purchasing shares in 282 firms, LIC will have exposure to these businesses as of June 30, 2024.
At June’s end, the Assets Under Management (AUM) stood at Rs 53,58,781 crore, up 16.22% from Rs 46,11,067 crore at the end of the same quarter the previous year.
As of March 31, 2024, the total investment has increased by Rs 7,30,662 crore, from Rs 42,44,852 crore in March 2023 to Rs 49,75,514 crore. While other investments amount to Rs 37,35,774 crore as opposed to Rs 34,05,190 crore in 2022–2023; the total equity investment portfolio is Rs 12,39,740 crore as opposed to Rs 8,39,662 crore in 2022–2023 in both cases.
LIC recorded a 10% increase in net profit to Rs 10,461 crore for the June quarter of 2024, compared to Rs 9,544 crore in the same time the previous year.
Compared to the same period last year, when total income was Rs 1,88,749 crore, it grew to Rs 2,10,910 crore in the most recent June quarter.
Comparing the total premium income for the quarter to the same period last year, it climbed by 16 per cent to Rs 1,13,770 crore from Rs 98,363 crore.