New Delhi: Life Insurance Corporation of India (LIC), the country’s largest insurer, on Monday logged 18 per cent decline in standalone net profit of Rs 2,372 crore for the quarter ended March 31, 2022. The state-run insurance behemoth clocked a consolidated net profit of Rs 2,893 crore in Q4FY21.
LIC’s net premium income rose 18 per cent to Rs 1.44 lakh crore for Q4FY22 as against Rs 1.22 lakh crore in the year-ago period.
According to the BSE data, the board of directors of LIC recommended dividend of Rs 1.50 per equity share with face value of Rs 10 each for the year ended March 31, 2022.
The insurer’s income from investments came in at Rs 67,855.59 crore, almost flat compared to 67,684.27 crore in the year-ago quarter, while the solvency ratio of LIC, which got listed earlier this month, was 1.85 in Q4FY22 as compared to 1.77 in Q4FY21.
Its 13-month persistency ratio was at 69.24 per cent in March quarter as against 73.94 per cent a year ago.
This is LIC’s first quarterly financial results announcement after the company got listed on the bourses.
The initial public offering (IPO) of LIC garnered Rs 21,000 crore on May 4 at a price band between Rs 902-Rs 949 per equity share. The stock got listed on the exchanges on May 17.
However, on the day of listing, LIC slumped in its debut after a record IPO that priced at the top of the range.
The shares ended 7.8 per cent lower than the IPO price after losing 9.4 per cent earlier. The offering raised $2.7 billion, with buyers, including sovereign funds in Norway and Singapore, and millions of small-time Indian investors.
LIC’s share ended 1.89 per cent higher at Rs 837.05 apiece on the BSE on Monday.