(Priyanka Gupta, Intern Journalist)Kolkata: Life Insurance Corporation of India (LIC) has made a profit of Rs 13,000 crore in this financial year by investing in shares till August. The company’s MD Rajkumar gave this information. LIC has made this profit amid the ups and downs in the stock market.
LIC is the largest company in the country. It wants to list itself in the stock market. For this, he is preparing to launch an IPO. Till August this year, the company has achieved a renewable premium of Rs 87,300 crore. Raj Kumar said that this is 13.5 percent more than the previous financial year.
He gave this information to a program. He said that LIC has earned a profit of Rs 13,000 crore from its investment in shares. He still has a net investment of Rs 28,000 crore in the stock market. He told me that there has been a sharp jump in online premium collection. However, the premiums received so far are of a large amount of policy. There has been a decrease in the premium collection of small amounts of policy.
LIC MD said that till March, LIC’s insolvency ratio was 155 percent. This level is good for the company. Regarding the proposed IPO of LIC, he said, “The government wants to get an IPO by March. All I can say is that we will try to follow this instruction.”
Finance Minister Nirmala Sitharaman announced the IPO of LIC in the budget of 2020-21. He had said that the government would sell some of its stake in LIC through an IPO. The government has set a target of raising Rs 2.10 lakh crore from disinvestment in this financial year. LIC’s IPO will play a big role in achieving this goal.
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