Life Insurance Corporation of India, the largest insurer in the nation, jumped the most in eight months on expectation of double-digit growth in new business premiums.
The insurer is expecting higher growth based on a recent trend showing an “uptick in individual retail business,” Chairman Siddhartha Mohanty told the local news agency Press Trust of India in an interview.
Its shares jumped as much as 10.1%, the most since March 24 with surging volumes.
“Premium growth in the first half of the year wasn’t very good. The expectation is that going ahead they will grow in double-digit and gain back some market share” said Mohit Mangal, analyst at BoB Capital Markets Ltd., said over the phone on Friday.
