New Delhi: Riding high on equity market boom, India's largest insurer Life Insurance Corporation (LIC) has booked a profit of Rs 2,000 crore from equities in the first six months of 2005-06.
"We have made a profit of Rs 2,000 crore from equity investment in the first six months of 2005-06," LIC Chairman A K Shukla said on Friday.
Shukla said LIC's total investment in stocks is likely to go up to Rs 38,000 crore by the end of this fiscal from Rs 30,000 crore in the last fiscal.
"In the first six months this fiscal, we have already invested 7,000 crore in equity," Shukla said. This figure stands at nearly 10 per cent of the total investible funds.
Shukla said with the insurer has already registered a 17 per cent growth in the number of new policies till October this year.
"First year premium has increased by 63 per cent growth for individual policies," he said.
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