LIC profit jumps 145% in Q1 on sale of equity investment

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Mumbai: insurance Corporation of Bharat (LIC) according a  hundred forty five jump in profit on sale of equities within the half-moon of this twelvemonth, same a senior government.
The corporation created a lucre of Rs half-dozen,100 large integer within the April June 2017 quarter against Rs. 2,489 large integer within the year-ago amount. 


This year our investment profit growth is a hundred forty five. we've got earned over Rs. 6,100 profit on sale from equity in April-June 2017 from Rs. 2,489 large integer in April-June 2016. It (equity investment) are going to be during this vary Rs 50,000) this twelvemonth," same 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 large integer this year."
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