LIC shares in focus today as premium income for FY 2022-23 climbs 17%

Shares of Life Insurance Corporation of India (LIC) are in focus today after the insurance behemoth said it recorded a 17 per cent rise in its total premium income in FY 2022-23. LIC’s total premium income climbed to Rs 2.32 lakh crore during FY2022-23 from Rs 1.99 lakh crore a year back.

LIC stock was trading 0.31% higher at Rs 551 against the previous close of Rs 549.30 in early trade today. Market cap of the firm stood at Rs 3.48 lakh crore.

In terms of technicals, the relative strength index (RSI) of LIC stands at 46.3, signaling neither the stock is overbought nor oversold. The stock is trading higher than the 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

LIC stock has fallen 19.76% this year. It hit a 52 week high of Rs 920 on May 17, 2022 and a 52 week low of Rs 530.20 on March 29, 2023. The stock is trading 3.77% away from the 52 week low on BSE.

In terms of premium collected, LIC continues to hold a market share of 62.58 per cent as on March 2023, the insurer said.

According to the Life Insurance Council data, private insurers have also collected a considerable amount of premium in March due to last-minute customer rush to benefit ahead of the April 1 withdrawal of tax exemptions for non-linked policies.

LIC's premium growth for the fiscal 2023 is the second highest among its listed peers, with HDFC Life leading with 18.83 per cent, SBI Life at 16.22 per cent and ICICI Prudential Life Insurance Company at 12.55 per cent, it said.

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