Life Insurance Corporation of India has booked profits of over Rs 6,100 crores from equity markets the first quarter of 2017, as compared to Rs 2,489 crores in same period last year.
VK Sharma, Chairman of LIC said, “In the current financial year we have invested around Rs 16,000 crores in equities.”
LIC had invested over Rs 43,800 crores in equities and 2.62 lakhs crores in government securities in the last financial year.
Sharma also added that, in the last fiscal LIC had gross non-performing assets (NPAs) of around Rs 17,000 crores, out of which Rs 13,000 crores are NPAs from joint lending business and remaining directly. LIC has made 100 per cent provision for all the NPAs, he said.
