LIC Q4 profit drops 17% at Rs 2,409 cr; declares Rs 1.50 dividend per share


Insurance giant LIC on Monday reported a 17 percent drop in consolidated net profit to Rs 2,409 crore for the fourth quarter ended March 2022.
The insurer had made a profit of Rs 2,917 crore in the same quarter a year ago.

This is LIC’s first-ever quarterly result, having been listed on exchanges earlier this month.
The insurer’s total income during the March quarter rose to Rs 2,12,230.41 crore, from Rs 1,90,098 crore in the same period of the previous fiscal, LIC said in a regulatory filing.

LIC’s premium income for the first year rose to Rs 14,663.19 crore from Rs 11,053.34 crore in the same quarter last fiscal.
Renewal premium income rose 5.37 percent to Rs 71,472.74 crore, while single premium income increased 33.70 percent to Rs 58,250.91 crore during the quarter.

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For the entire fiscal year 2021-22, LIC reported a 38 percent increase in profit at Rs 4,124.70 crore, from Rs 2,974.13 crore in the previous fiscal year.
The board of LIC has recommended a dividend of Rs 1.50 per share of shares with a par value of Rs 10 each for the year ended March 31, 2022.
Shares of the LIC closed at Rs 837.05, 1.89 percent higher on the BSE.

Earlier this month, the government raised Rs 20,557 crore by diluting its 3.5 percent stake in the LIC through the IPO, the largest ever in the country.

LIC shares were listed at a discount of 8.62 per cent to Rs 867.20 each on BSE above the issue price of Rs 949 per share.
The government sold more than 22.13 crore shares or a 3.5 percent stake in LIC through the IPO. The price range of the issue was Rs 902-949 per share. However, on May 12, stocks were allocated to investors at the higher end of the price band.

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