Releasing the results of Q4 of FY23 today, LIC said that LIC’s consolidated net profit has increased more than five times to Rs 13191 crore. Apart from this, LIC has also announced dividend for the investors.
Government insurance company Life Insurance Corporation of India (LIC) has released its March quarter results today. LIC has reported a more than five-fold jump in consolidated net profit to Rs 13,191 crore for the fourth quarter of FY23. In the same quarter last year, LIC had earned a profit of Rs 2,409 crore.
Decline in total income
In its regulatory filing, LIC informed that the total income of LIC during the March quarter declined to Rs 2,01,022 crore from Rs 2,15,487 crore in the same period of the previous financial year. LIC said that the income from first year premium also declined to Rs 12,852 crore, as against Rs 14,663 crore in the same quarter of the previous financial year.
Increased income in renewal premium
LIC said in a regulatory filing that income from renewal premium increased to Rs 76,328 crore in the period under review as compared to Rs 71,473 crore a year ago, while single premium declined to Rs 43,252 crore from Rs 58,251 crore.
increased net profit
Releasing the results of the fourth quarter of FY23, LIC said that the net profit of LI has increased manifold as compared to the previous financial year. LIC’s profit was 4,125 crores in last FY22, which has now increased to 35,997 crores in FY23.
Declaration of dividend
LIC’s board has recommended a final dividend of Rs 3 per equity share with a face value of Rs 10 for the year ended. LIC scrip closed at Rs 593.55 or 0.61 per cent higher on BSE today. Since the listing of shares, till now about Rs 2.5 lakh crore of investors have sunk.
IPO came last year
Last year, the government raised Rs 20,557 crore by diluting its 3.5 per cent stake in LIC in the country’s biggest-ever initial public offering ( IPO ).
LIC shares were listed at Rs 867.20 on the BSE, at a discount of 8.62 per cent to the issue price of Rs 949 per share.
