new Delhi. LIC, which is in a lot of discussion these days regarding IPO, said on Friday that its profit increased by 258 times in the third quarter of the current financial year 2021-22. It has made a profit of Rs 234.9 crore in the December quarter, as against a profit of Rs 90 lakh in the same quarter of the previous financial year (2020-21).
Not only this, the insurance business of LIC has also increased rapidly. LIC has got a premium of Rs 8748.55 crore in the December 2021-22 quarter based on the first year’s premium. It was Rs 7957.37 crore in the corresponding quarter of last year. The renewal premium stood at Rs 56,822.49 crore in the December 2021-22 quarter, as against Rs 54,986.72 crore in the same quarter last year. Let us tell you that the IPO of the country’s largest life insurance company LIC is about to come.
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According to the information received from different reports, the reason for the sharp jump in LIC’s profits is the policy changed by it. LIC changed the funds re-distribution policy, due to which there was a sharp jump in its profits. If we talk about the profit of 9 months, then the net profit of LIC has increased by about 232 times on a yearly basis in April-December 2021. LIC had a profit of Rs 7.08 crore in April-December 2020, while in the first nine months of the current financial year, there was a profit of Rs 1,642.78 crore.
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SEBI has given green signal to IPO
Market regulator SEBI has approved the IPO of LIC. Although its official announcement has not been made yet. According to the draft red herring prospectus (DRHP) filed with the market regulator, the government will sell over 31 crore equity shares under LIC’s IPO. A part of the issue will be reserved for anchor investors. Also, up to 10 per cent of the issue size will be reserved for policyholders.
Tags: IPO, LIC IPO, Life Insurance Corporation of India (LIC)
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