Mumbai, May 24 : State-owned Life Insurance Corporation of India (LIC) has emerged as the highest profit-making company in Indiaâ??s financial sector during the January-March quarter of FY26, reporting a net profit of over Rs 23,400 crore.

The insurance giant also retained its top position among Central Public Sector Enterprises (CPSEs) in terms of quarterly profit during the fourth quarter of FY26.

LIC last week reported a 23 per cent rise in consolidated net profit to Rs 23,420 crore for the March quarter, compared to Rs 19,013 crore in the corresponding period of the previous financial year.

The insurer outperformed major banking players including State Bank of India and HDFC Bank during the quarter.

SBI posted a net profit of Rs 19,684 crore, while HDFC Bank reported a profit of Rs 19,221 crore in the fourth quarter, according to financial results filed on stock exchanges.

However, on an annual basis, SBI remained ahead of LIC in overall profitability for FY26. Indiaâ??s largest lender reported a net profit of Rs 80,032 crore during the financial year, while LIC recorded a yearly profit of Rs 57,419 crore.

Private sector lender ICICI Bank also delivered strong earnings with an annual profit of Rs 50,147 crore, whereas HDFC Bankâ??s FY26 profit stood at Rs 74,670 crore.

Among other public sector companies, Indian Oil Corporation (IOC) posted a net profit of Rs 11,378 crore in the March quarter.

Coal India followed with a profit of Rs 10,839 crore, while Power Finance Corporation (PFC) earned Rs 8,598 crore and NTPC reported a quarterly profit of Rs 8,747 crore.

Other CPSEs also reported healthy earnings during the quarter. Power Grid Corporation of India posted a profit of Rs 4,546 crore, while REC Limited reported a net profit of Rs 3,375 crore.

Steel Authority of India Limited (SAIL) registered a profit of Rs 1,680 crore.

Following LICâ??s strong quarterly performance, the companyâ??s shares surged nearly 5 per cent in opening trade on the BSE on May 23, touching Rs 839 apiece.

LICâ??s Assets Under Management (AUM) rose 5 per cent year-on-year to Rs 57,29,396 crore as of March 31, 2026, compared to Rs 54,52,297 crore a year earlier.

/IANS