BENGALURU – Life Insurance Corporation of India posted a greater than 11-fold soar in second-quarter revenue on Friday, because the nation’s largest insurer moved 142.72 billion rupees to its shareholders’ fund to shore up its internet price.

Profit after tax surged to 159.52 billion Indian rupees ($1.98 billion) for the three months ended Sept. 30, from 14.34 billion rupees a yr earlier.

LIC stated it transferred 142.72 billion rupees from its non-participating fund to shareholders’ fund.

Reuters reported final month that the insurer was planning to switch almost $22 billion from coverage holders’ funds right into a fund earmarked to pay dividends or situation bonus shares.

LIC’s different revenue additionally surged after the insurer recognised a acquire of 66.27 billion rupees as curiosity on refund of revenue tax for earlier monetary years.

Net premium revenue rose greater than 26% to 1.32 trillion rupees, the corporate stated in an change submitting.

LIC, which listed in May following a report $2.7 billion share sale, has seen its inventory tumble over 28% from the itemizing worth of 872 rupees.

(Reporting by Nandan Mandayam, Nishit Navin and Chris Thomas in Bengaluru; Editing by Sriraj Kalluvila)