LIC just shy of hitting 52-week high clocked nearly a year ago

Shares of the country's leading public insurer, LIC, in Wednesday's trade were a tad away from hitting the 52-week high price. The insurance company logged a 52-week high of Rs 754.25 on December 20, 2022, while its all-time high was hit on May 17, 2022, at Rs 918.95.

Amid the buzz around the future prospects of the leading and most trustworthy insurance player, LIC logged its biggest gains to the tune of 10 per cent during the ongoing financial year on November 24. Before that, the company's chairman, Siddhartha Mohanty, told news agency PTI that he was hopeful about realising double-digit growth in new business premiums in the financial year 2024.

Additionally, to increase its market share, the company has resorted to launching new products that are seen as increasing its competitiveness.

However, despite the recent run-up, the stock is trading far below its IPO issue price of Rs 949 per share, a discount of over 26 per cent.

Earlier last week, after the insurer announced the launch of new products, Geojit Financial Services turned bullish on the counter and suggested a 'Buy' rating on the stock in its report dated November 28.

The target price has been set at Rs. 823. Market leadership, new product launches to support the non-par business strategy, a wide distribution network, and digitalisation bode well for the company’s future growth, the brokerage added.

Founded and majority owned by the Government of India, Life Insurance Corporation of India Ltd (LIC) is the country’s leading statutory insurance and investment corporation, with assets under management (AUM) of over Rs. 4,700,000 crore and investments in more than 270 listed companies.