In the provided information, it seems that LIC (Life Insurance Corporation of India) experienced a 9 percent increase in its stock price, reaching Rs 674.65. Similarly, GIC (General Insurance Corporation of India) saw a substantial surge of 14 percent, reaching a new 52-week high at Rs 301.80. Additionally, NIACL (New India Assurance Company Limited) also experienced a significant gain, reaching a fresh 52-week high of Rs 208 after a 17 percent increase in its stock price. These movements indicate positive market sentiment and investor confidence in these insurance companies.
On the morning of November 24, shares of public sector insurance companies, including Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC), and the New India Assurance Company (NIACL), witnessed significant gains, with increases of up to 17 percent. This surge suggests positive investor sentiment and interest in these insurance companies on that particular day.
The shares of Life Insurance Corporation of India (LIC) experienced a notable surge of 9 percent, reaching Rs 674.65. This increase followed an announcement from LIC indicating plans for three to four new product launches in the upcoming months. The aim is to achieve double-digit growth in new business premiums for the current financial year.
LIC Chairman Siddhartha Mohanty expressed confidence in achieving this growth target, citing a recent upward trend in individual retail business. He emphasized the commitment to this goal by introducing new and attractive insurance products to the market. Such initiatives are part of LIC’s strategy to sustain and enhance its market position in the insurance sector.
General Insurance Corporation (GIC) experienced a significant surge in its stock price, rising by 14 percent to reach a fresh 52-week high of Rs 301.80. This substantial increase followed an announcement by the company stating that AM Best had reaffirmed existing ratings and additionally assigned an India National Scale Rating (NSR) to GIC.
Over the past two weeks, GIC’s stock has seen a remarkable surge of 27 percent. AM Best assigned a B++ (good) rating to GIC on the financial strength scale, with a revised outlook from “stable” to “positive.” Additionally, a bbb+ (good) rating was assigned to long-term issuer credit, accompanied by an upgraded outlook to “positive.” GIC also received an aaa.IN (exceptional) NSR rating with a stable outlook. These positive ratings and outlooks likely contributed to the increased investor confidence and the surge in GIC’s stock price.
Shares of New India Assurance Company Limited (NIACL) surged more than 17 percent, reaching a new 52-week high of Rs 208. This significant increase came a day after the insurance company announced that analysts and institutional investors would meet senior management in Mumbai on November 29. In the past five sessions, the stock has seen a remarkable jump of 36 percent. The anticipation of discussions with analysts and institutional investors may have contributed to the positive momentum and increased investor interest in NIACL.
The meeting between New India Assurance Company Limited (NIACL) management and analysts/institutional investors, scheduled for November 29, will be attended by CMD Neerja Kapur and other top officials. This meeting is particularly anticipated, especially after the company reported a one-off loss in the September quarter.
During the meeting, the management is expected to engage in discussions with analysts and investors, providing insights and potentially addressing queries regarding the company’s financial performance. The conference call will commence with a brief management discussion on the financial results for the fiscal second quarter, which had been announced earlier in the month. These interactions aim to offer stakeholders a deeper understanding of the company’s performance, strategy, and future outlook.