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Analysts see a potential upside for the shares of Life Insurance Corp. after its third-quarter premium and revenue rose, and new business margin remained stable.
The state-owned life insurer’s net profit jumped 26 times year-on-year but declined 60% sequentially in the quarter ended December. The year-on-year jump could be attributed to a change in its distribution policy in September 2021.
Its net premium rose 15% and revenue was up 13% year-on-year.
Value of new business—the present value of the future profits associated with new business written during the nine months ended December—stood at Rs 5,478 crore. VNB margin was at 14.6%.
Shares of LIC closed 1.1% higher on Friday, a day after the results, compared with a 0.2% decline in the BSE S&P Sensex.
Here’s what brokerages have to say about LIC’s Q3 FY23 performance:
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