LIC hopes to mirror last year's $4.9 bn profit from equity sales: Chairman

LIC is aiming to increase its share of premium or participating policies to 15% in two years from about 9% presently, Kumar said

Life Insurance Corp. of India (LIC) hopes to book profit of around 400 billion rupees ($4.90 billion) from selling stocks it holds in 2022/23, the state-run firm's chairman told Reuters, mirroring the profit made last year as market conditions remain volatile.

India's benchmark Nifty 50 has risen 6.51% so far this year as of Thursday's close, after losing 9.07% in the first half of the calendar year.

"We are hoping that profits from equity portfolio would be same as last year, depending on market conditions," Mangalam Ramasubramanian Kumar said.

"While we are long term investors and also contrarian in nature, we