LIC Share Price Today: Life Insurance Corporation of India (LIC) shares on Tuesday, May 28 were in focus, a day after the state-run life insurance major reported its March quarter results. LIC shares gained as much as 2.5 per cent to the day’s high of Rs 1,062.45 on NSE in morning deals. At 1:31 AM, the counter declined to trade at Rs 1,030.70 on NSE.
LIC Q4 FY24 results
LIC reported a standalone net profit of Rs 13,762.6 crore for the quarter ended March 31, an increase of 2.5 per cent compared with the corresponding period a year ago.
The life insurance behemoth’s net premium income for the fourth and final quarter of FY24 stood at Rs 1,52,293.1 crore, up 15.6 per cent on a year-on-year basis, according to a regulatory filing.
LIC’s income from first-year premium improved to Rs 13,810 crore for the quarter under review from Rs 12,811 crore a year ago.
Its quarterly income from renewal premiums expanded to Rs 77,368 crore from Rs 76,009 crore a year ago.
For the financial year 2023-24, LIC registered a net profit of Rs 40,676 crore as against a net profit of Rs 36,397 crore for the previous year.
LIC has recommended a final dividend of Rs 6 per share for the financial year ended March 31.
The company has fixed July 19, 2024, as the record date to ascertain the eligibility of shareholders for this corporate action.
JP Morgan Sees Up To 29% Upside
JP Morgan, the global brokerage firm, has upheld its ‘Overweight’ rating on LIC following the announcement of its Q4 results at a target price of Rs 1,340. This projection suggests a potential increase of 29% from the previous day’s closing price of Rs 1,035.8 per share.
In its report, JP Morgan highlighted LIC’s strong performance in Q4, particularly noting its impressive earnings and surpassing New Business Value (NBV) expectations.
The global investment bank commends LIC’s strategic focus on growth over profitability, with market observers acknowledging the company’s expanding market share as a significant driver for its stock performance.
Furthermore, JP Morgan emphasised, “The stock appears undervalued, with ample room for robust business growth.”
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