LIC shares rose by 3 percent following the announcement of their earnings.

Shares of Life Insurance Corporation of India (LIC) rose by 3% on Friday after the company announced a 10% increase in net profit, reaching Rs 10,461 crore for the June 2024 quarter. The stock surged to Rs 1,159.60 on the BSE and Rs 1,160 on the NSE. In comparison, LIC's net profit was Rs 9,544 crore during the same period last year. The company's total income grew to Rs 2,10,910 crore in the recent June quarter, up from Rs 1,88,749 crore in the corresponding period last year, according to a regulatory filing on Thursday. LIC's MD and CEO, Siddhartha Mohanty, reported that the company's Assets Under Management (AUM) increased by 16.22% to Rs 53,58,781 crore as of June 30, compared to Rs 46,11,067 crore at the end of the same quarter last year. Additionally, the total premium income for the quarter rose by 16% to Rs 1,13,770 crore, up from Rs 98,363 crore in the same quarter a year ago.