LIC announced strong Q3 results ahead of IPO, profit jumps to Rs 235 crore
LIC on Friday announced 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 increased to Rs 56,822.49 crore, up from Rs 54,986.72 crore in the previous year 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 DRHP with SEBI for its IPO and has received the nod 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 will be reserved for QIBs, whereas NIIs will have 15 per cent of shares allocated for them. The retail portion has been fixed at 35 per cent of the offer.