MUMBAI: LIC’s market capitalisation dropped below that of ICICI Bank (Rs 5.2 lakh crore) on Tuesday to the 7th position as Dalal Street expressed its disappointment over its results declared on Monday. LIC’s shares fell 3% or by over Rs 25 to Rs 811, bringing down its market capitalisation to Rs 5.1 lakh crore. On May 17, when LIC got listed on stock exchanges, the corporation was the fifth biggest company with a market cap of over Rs 5.5 lakh crore. 91928882LIC on Monday declared its quarterly results for the first time, where it appeared that profit for the March quarter was down 18% from the year-ago period. The corporation reported a net profit of Rs 4,043 crore for the full year — a 39% increase over the previous year. LIC’s top management addressed a press conference on Tuesday and clarified that its Q4 results were not indicative of performance as base figures for comparison were not available. LIC also said key data that analysts look for, such as the value of new business and embedded value, would be available only by June-end.According to LIC MD Raj Kumar, the drop was because the profits for FY21 were bunched up as there was no quarterly profit in the first quarter. “We were not declaring quarterly profits before listing and we started only in the quarter ended September 2021. The comparison was not three months compared to three months but it was for the full year for FY21,” said Kumar. He added that even the profit for Q1FY23 could not be compared to Q1FY22 as no profit were reckoned for that quarter.Kumar said that computing the value of the new business was taking time as the corporation had 285 products and the value contributed by each would have to be computed for which new software was put in place.Kumar said that the corporation realised Rs 42,000 crore during the year by way of the sale of equity investments, which is a 17% increase over Rs 36,000 crore in the previous year. He said that the corporation has to park half its investible resources in government securities mandatorily. He added that the corporation’s growth driver for the current year will be non-par products, including ULIPs (unit-linked insurance plans) and term covers. Kumar said that the corporation was hit by higher claims due to Covid and the maturity of four high-value products with maturity claims of over Rs 5 lakh. “One hopes that we do not see any more waves but we have created a Rs 7,400-crore reserve fund to take care of Covid claims.”