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Life Insurance Corp. of India (LIC), which is working on the most significant public share sale in the country, booked a record stock market profit of over Rs 10,000 crore in the April-June period, two people aware of the matter said.
State-owned LIC, the largest insurer in the country, is also the most significant domestic investor in Indian markets, buying shares worth Rs 94,000 crore in FY21 to reach a total stock market investment of Rs 8 trillion end of the fiscal year.
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“Being a contrarian investor, LIC has the advantage of booking profits from shares that were repurchased many years when there was hardly any other insurer. This is possibly the highest June-quarter profit,” said a LIC official, one of the two people cited above. “We have sold shares worth around Rs 20,000 crore in the first quarter of this tough year of the pandemic, from which a profit of more than Rs 10,000 crore was made,” the person said, seeking anonymity.
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