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Lic Q4 Net Profit Tanks 18% To ₹2,371 Cr, Declares Dividend | Mint – Mint

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%.

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