State-owned Life Insurance Corporation of India (LIC) emerged as the highest profit-making firm in India's financial sector in the January-March quarter. Last week, LIC reported a 23% rise in net profit to ₹23,420 crore in the March quarter from ₹19,013 crore in the year-ago period. It was followed by State Bank of India, which reported a profit of ₹19,684 crore.