Shares of Life Insurance Corporation of India (LIC) on Friday climbed nearly 5% after the firm posted a 23% increase in net profit in the March quarter.

The stock rallied 4.78% to ₹839 on the BSE.

At the NSE, the stock jumped 4.84%  to ₹839.

LIC on Thursday posted a 23% increase in net profit to ₹23,420 crore in the March quarter, helped by core business and return on investment.

The country's biggest insurer had earned a profit of ₹19,013 crore in the corresponding quarter a year earlier.

The total income of the insurer during the reporting quarter rose to ₹2,53,592 crore from ₹2,22,805 crore in the same period of the preceding fiscal year, LIC said in a regulatory filing.

LIC's income from first-year premium also improved to ₹12,970 crore in the latest January-March quarter against ₹11,069 crore in the same period of the preceding fiscal year.

Income from renewal premiums in the reporting period increased to ₹81,933 crore compared to ₹79,138 crore a year ago.

During the quarter, total income increased to ₹1,64,691 crore as against ₹1,47,586 crore in the corresponding quarter of the previous fiscal.