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Benzinga - Shares of the Life Insurance Corporation (NS:LIFI) of India (LIC) were rising on Friday after reporting its first-quarter results after markets closed the previous day.
What Happened: LIC reported a 9.6% jump in its standalone net profit to ₹10,461 crore in the April to June period compared to ₹9,544 crore in the same quarter a year ago. The company’s net premium income came at ₹1.13 lakh crore, a 15.6% rise year-on-year.
Foray Into Health Insurance: LIC's CEO and Managing Director Siddhartha Mohanty spoke about the company's plans to enter the health insurance market, during the earnings call. The firm is eyeing a separate, standalone entity for its foray into the segment, he said. The country's largest insurer will seek to acquire a stake in a company rather than setting up the vertical for the business.
Bangladesh Operations: LIC has resumed its operations in Bangladesh after remaining closed from August 5 to August 7 amid a nationwide curfew, the company informed in another press release on Thursday.
"This is to inform that LIC of Bangladesh Ltd. has partially resumed operations with effect from August 08, 2024. The situation in Bangladesh has still not reached the stage of normalcy and may continue to hamper the operations," the release said. Officials added that they are in constant touch with their counterparts in the South Asian country.
Price Action: LIC was trading 2.35% higher at ₹1,152 on Friday morning.
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