Home / Companies / Company Results /  LIC Q4 net profit tanks 18% to 2,371 cr, declares dividend
Listen to this article

In its first earnings release post the listing, state-run insurance behemoth Life Insurance Corporation Ltd. posted standalone net profit of 2,371 crore in the three months to March, down 18% over last year.

The Board has recommended dividend of 1.50 per equity share.

The company's net premium income during the quarter rose 18% to 1.43 lakh crore.

Earlier during the day, ahead of the results announcement, LIC's scrip closed 1.81% higher at 836.50 on NSE.

LIC shares are down more than 15% from its IPO issue price. LIC made its stock market debut earlier this month on May 17, 2022.

LIC IPO, India's largest till date, had closed with nearly 3 times subscription, predominantly lapped up by retail and institutional buyers, but foreign investor participation remained muted. The government sold over 22.13 crore shares or a 3.5% stake in LIC through the initial share sale.

Its solvency ratio, a measure of an insurer's ability to meet its long-term debt obligations, rose to 1.85 from 1.76 a year earlier.

LIC's 13-month persistency ratio, reflecting the number of policies being renewed. fell to 69.24% from 73.24%.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Recommended For You
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout