LIC Q4: Net Profit Climbs 2.5 Per Cent YoY, Insurer Declares Dividend Of Rs 6 Per Share

The insurer clocked a 15.5 per cent jump in its net premium income at Rs 1,52,293.13 crore for the quarter under review against its Q4 revenue of Rs 1,31,761.11 crore for FY23

The insurer noted that the dividend remained subject to approval from shareholders

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Life Insurance Corporation of India reported a marginal gain of 2.5 per cent in its net profit on a year-on-year (YoY) basis in its fourth quarter (Q4) earnings on Monday. The country’s largest insurer logged a net profit of Rs 13,762.64 crore for the March quarter in the 2023-24 financial year (FY24) against a net profit of Rs 13,427.81 crore in the fourth quarter of the previous 2022-23 fiscal year (FY23).

The insurer clocked a 15.5 per cent jump in its net premium income for Q4FY24 on a year-on-year basis. It posted a net premium income of Rs 1,52,293.13 crore for the quarter under review against its Q4 revenue of Rs 1,31,761.11 crore for FY23.

Dividend

The insurer declared a final dividend of Rs 6 per share for the 2023-24 fiscal year, subject to approval from shareholders. “Earlier, during the year an interim dividend of Rs. 4/- was declared and paid to shareholders of the corporation. Therefore the total of interim and recommended final dividend aggregates to Rs. 10/- per share,” the company said.

Siddhartha Mohanty, Chairperson, LIC, commented, “During the last year we have focused on directional changes in our product mix and enhancing margins in the business. We have more than doubled our share of Non-par business within our Individual business. Now we intend to focus our strategic interventions to maximise our market share across categories. At the same time, our sharp focus on various parameters which create superior value for all stakeholders shall continue, as demonstrated. There are key initiatives related to distribution channel and digital transformation underway. We are confident that our employees, agents and our channel partners are fully committed to achieving these objectives. We look forward to this current year as the one in which our topline growth trajectory will be back in focus.”