LIC, has invested Rs. 34,000 crore in equities in the first quarter of the financial year.MR Kumar, Chairman, LIC said, “We are contrarian in our investment philosophy, so we thought this is a good time to buy stocks.”
It bought equities worth Rs. 46,444 crore but booked a profit of Rs. 12,444 crore.
In the Q1 earnings conference, Kumar said that owing to the market volatility, the insurer chose to purchase more equities instead of booking profits.
Due to this, LIC’s investment gains fell year-on-year, with the company booking equity profit of Rs. 5,076 crore in June quarter much lower than Rs. 11,368 crore logged in the corresponding, he added.