The net premium income rose to ₹1,17,017 crore for Q3 of the current fiscal, up from ₹1,11,788 crore a year ago. LIC’s total income also saw a substantial increase to ₹2,12,447 crore in the latest December quarter compared to ₹1,96,891 crore in the year-ago period.

ALSO READ- Sensex falls by 723 points after RBI keeps repo rate unchanged; Nifty at 21,717

LIC becomes fifth most valuable firm as stocks soar

Before the results announcement, LIC’s shares surged over 6 per cent, propelling its market valuation to ₹6.99 lakh crore, securing its position as the fifth most valued company.

The country’s most valued firms include Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys, and LIC.

Last month, LIC surpassed the State Bank of India to become the country’s most-valued PSU firm by market valuation.

ALSO READ- ‘Can’t hide from misrule’: PM Modi says Congress destroyed PSUs

LIC share price

The stock settled at ₹1,106.25 on the Bombay Stock Exchange, reaching a record high during the day at ₹1,144.45. On the National Stock Exchange, it jumped 6.46 per cent to ₹1,112 a share.

LIC’s market valuation increased by ₹38,740.62 crore to ₹6,99,702.87 crore, making it the fifth most valued firm by market capitalisation, surpassing ICICI Bank. Taking into account the day’s record high of ₹1,144.45 per share, the company’s market valuation reached ₹7.23 lakh crore.

LIC, the country’s largest insurer, was listed in May 2022, with the government selling over 22.13 crore shares, representing a 3.5 per cent stake in LIC through an Initial Public Offering (IPO). The government continues to hold a 96.5 per cent stake in the company.

LIC’s share price on Monday surged nearly 6 per cent to hit the ₹1,000 mark for the first time. So far this year, the stock has witnessed an impressive jump of nearly 33 per cent.

(Inputs from PTI)