LIC Income zoomed by 14000 crore from Indian Stocks market – Life Insurance Corporation of India (LIC), the country’s largest financial institution with a corpus of over Rs 31 lakh crore, has booked a profit of over Rs 14,000 crore from the stock market during the April 1-November 15 period of the current financial year. The 30-share Sensex had gained 1,985 points, or 3.82 per cent, during the period under review, enabling the corporation to post good returns.
The market value of LIC’s investment as of end-FY19 stood at around Rs 28.7 lakh crore, growing 8.6 per cent on a year-on-year basis reported by financial express.
We have earned a profit of above Rs 14,000 crore in the stock market this fiscal up to November 15, 2019, from Life Fund,” said TC Suseel Kumar, managing director, LIC.
Currently, about 65 per cent of investments in Life Fund — total investment corpus accumulated over decades — of LIC are in central and state government long term securities with high-interest coupons. At a time when the Indian financial sector is facing a huge crisis due to rising non-performing assets in the banking sector and defaults in debt payments by India Inc, LIC’s growth in the investment income has risen by 5.17 per cent during 2018-19 as a result of regular follow-ups. Over the last four years, LIC’s investments income has increased from Rs 1.53 trillion to Rs 2.06 trillion up to 2018-19.
Input by Financial express