State-run Life Insurance Corp. of India or LIC, the country’s largest institutional investor, nearly doubled its profit from sale of equity investments in 2016-17 on the back of rising stock markets. According to two people familiar with LIC’s investment strategies, the life insurer booked profits to the tune of Rs21,000 crore in fiscal 2017 compared to around Rs11,000 crore the previous year.
In 2016-17, India’s equity benchmark, the Sensex, gained 16.9%. In the March quarter, the gauge rose 11.24%.
