Life Insurance Corporation of India has sown as impressive 68% jump in profits which amounts to about Rs. 16,000-crore, from equity sales in the first nine months of the financial year.
“We have booked profits of Rs. 16,000 crore in the year so far by selling about Rs. 38,000 crore of equity,” said V K Sharma Chairman LIC. He also added, “We are a contrarian player and we have deliberately taken this decision given the way markets have moved.” He said that equity is only 12% of their investible corpus.
LIC invested around Rs. 1.98 lakh crore in debt instruments, including Rs. 1.83 lakh crore in government services and state development loans.