LIC releases Q3 report card ahead of IPO, profit jumps to Rs 235 crore

NEW DELHI: IPO-bound Life Insurance Corporation of India (LIC) on Friday said its December quarter profit stood at Rs 234.9 crore compared with Rs 90 lakh in the same quarter last year.

The first year premium for the life insurer rose to Rs 8,748.55 crore from Rs 7,957.37 crore in the same quarter last year. Renewal premium came in at Rs 56,822.49 crore, up from Rs 54,986.72 crore in the year-ago quarter.

LIC's total premium edged 0.78 per cent higher at Rs 97,761.20 compared with Rs 97,008.05 crore.


The PSU had in February filed its draft papers with market regulator for its IPO and got the approval earlier this week. The government intends to sell 5 per cent stake in LIC. The move could fetch over Rs 60,000 crore to the exchequer.




The issue would be an offer for sale of 31,62,49,885 equity shares by the government, which holds 100 per cent stake in the insurance behemoth. A total of 50 per cent of the net issue would be reserved for qualified institutional buyers (QIBs), whereas non-institutional buyers will have 15 per cent of shares allocated for them. The retail portion has been fixed at 35 per cent of the offer.