Life Insurance Corporation of India, the IPO-bound life insurer, said its fiscal third quarter profit after tax jumped to Rs 234.91 crores, from a mere Rs 0.91 crore in the same quarter in the previous year, primarily due to a change in funds redistribution policy. LIC’s profit for the first nine months of fiscal 2022, ie April-December, surged to Rs 1,642.78 crore, a jump from Rs 7.08 crore in the corresponding period previous year. The IPO of the largest insurer of the country has reportedly been approved by the markets regulator this week and an official announcement is imminent.
