Ahead of IPO, LIC releases Q3 report card; profit stands at Rs 235 Cr
- ByStartupStory | March 31, 2022
On Friday, IPO-bound Life Insurance Corporation of India (LIC) said 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 from Rs 7,957.37 crore in the same quarter last year to Rs 8,748.55 crore. Renewal premium up from Rs 54,986.72 crore in the year-ago quarter, came in at Rs 56,822.49 crore.
LIC’s total premium as compared with Rs 97,008.05 crore, edged 0.78 percent higher at Rs 97,761.20.
The PSU had filed its draft papers with market regulator for its IPO in February and has received the approval earlier this week. To sell 5 percent stake in LIC has been intended by the government. Over Rs 60,000 crore could be fetched by the move to the exchequer.
For sale of 31,62,49,885 equity shares by the government, the issue would be an offer, which holds a stake in the insurance behemoth of about 100 per cent. For qualified institutional buyers (QIBs), a total of 50 per cent of the net issue would be reserved, whereas 15 percent of shares will be allocated to non-institutional buyers. At 35 percent of the offer, the retail portion has been fixed.
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