Life Insurance Corporation of India (LIC), the government-owned insurance major, has reported a 17.4 percent decline in net profit for the fourth quarter of FY22, and announced an interim dividend of Rs 1.50 per share.
LIC reported a net profit of Rs 2,409.39 crore for the fourth quarter of FY22 as compared to Rs 2,917 crore in the comparable period a year ago, as per filings with the BSE.
The total revenue of the insurance giant for the fourth quarter of FY22 touched Rs 2,12,230 crore—a rise of 11.6 percent when compared to the similar period a year ago when it registered Rs 1,90,099 crore in total revenues.
The net premium income of LIC grew by 17.8 percent for the fourth quarter, touching Rs 1,44,159 crore. In the year-ago period, this figure stood at Rs 1,22,291 crore.
The first-time premium income of LIC was Rs 14,663 crore for the fourth quarter of FY22 as compared to Rs 11,053 crore in FY21, recording a growth of 32 percent.
The Board of Directors of LIC also declared a dividend of Rs 1.50 per equity share with a face value of Rs 10 each for the financial year 2021-22, subject to the approval of shareholders.
The financial performance of LIC was much-awaited as it got listed on the stock exchanges earlier this month. The government divested 3.5 percent of its stake in the insurance company to raise Rs 20,500 crore. However, the stock market debut has not been encouraging, with the share price trading much below the issue price.
“In view of the seasonality of the industry, the financial results for the quarter or interim period are not necessarily indicative of the results that may be expected of any other interim period or full year,” LIC noted in an exchange filing.
