Life Insurance Corporation of India (LIC) MD and CEO Siddhartha Mohanty has said that the corporation is looking to make fresh investments of around ₹1.30 lakh crore in equities during the current financial year.

During April-June 2024-25, the insurance behemoth made an investment of about ₹38,000 crore in shares against ₹23,300 crore in the same period a year ago.

LIC earned a profit of ₹15,500 crore from its investments in equity markets during the first quarter. The profit from its investment was higher by 13.5 per cent quarter-on-quarter.

“We are surely looking at the markets and price movements. We are looking to invest a good amount at least whatever we had invested in last financial year. LIC made an investment of around ₹1.32 lakh crore in 2023-24,” he said.

The market value of LIC’s investment in stocks of various companies stood at around ₹15 lakh crore at the end of June, he said.

LIC has exposure in 282 companies through investment in their shares as of June 30, 2024.

The assets under management (AUM) increased to ₹53,58,781 crore as at June-end compared with ₹46,11,067 crore at the end of same quarter previous year, registering an increase of 16.22 per cent.

Total investment grew ₹7,30,662 crore from ₹42,44,852 crore in March 2023 to ₹49,75,514 crore as on March 31, 2024.

Total equity investment portfolio constitutes ₹12,39,740 crore against ₹8,39,662 crore in 2022-23, whereas other investments constitute ₹37,35,774 crore against ₹34,05,190 crore in 2022-23.

For June quarter 2024, LIC reported 10 per cent increase in net profit to ₹10,461 crore against ₹9,544 crore in the year-ago period.

Total income increased to ₹2,10,910 crore during the latest June quarter against ₹1,88,749 crore in the year-ago period.

Total premium income for the quarter increased 16 per cent to ₹1,13,770 crore compared with ₹98,363 crore in the same quarter a year ago.