LIC made a profit of Rs 6,100 crore in the April- June quarter through
sale of equities from Rs 2,489 crore in the year-ago period.
Updated: Jul 29, 2017, 10.07 AM IST
Mumbai: Life Insurance Corporation
of India (LIC) reported a 145% jump
in profit on sale of equities in the first quarter of the current financial
year, said a senior executive. The corporation made a net profit of Rs 6,100
crore in the AprilJune 2017 quarter against Rs. 2,489 crore in the year-ago
period.
“This year our investment profit
growth is 145%. We have earned over Rs. 6,100 profit on sale from equity in
April-June 2017 from Rs. 2,489 crore in April-June 2016. It (equity investment)
will be in this range Rs 50,000) this financial year," said chairman VK
Sharma.
So far this year, the company has
invested Rs . 16,000 crore in equities.
LIC will look to invest in IPO of General Insurance Corp Re, said Sharma.
GIC Re and New India Assurance are in the process of listing on the stock
exchanges.
“I can say without doubt that LIC
will invest in GIC Re," said Sharma. “I can't say for rest of the
companies. We have to take investment committee's approval for investment in
other companies. There is no restriction from regulator or government."
The country's largest life insurer
has less than Rs. 500 crore in exposure to 12 accounts under Insolvency and
Bankruptcy Code. Its gross NPA is Rs 18,000 crore, out of which Rs. 14,000
crore is under joint lending forum and Rs. 4,000 crore lent individually. “We
will grow in doubledigits," said Sharma. “We are targeting new business
income of Rs. 38,000 crore this year."
Source: Economic Times
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