Life Insurance Corporation of India (LIC) declared its first ever earnings report on Monday for the fourth quarter ended March 31, 2022 after its Dalal Street debut.
The state-owned insurance company posted an 18 percent dip in its standalone net profit to ₹2,371.55 crore in the Q4FY22 as against ₹2,893.44 crore in the corresponding quarter, last fiscal.
The company’s net profit for the full fiscal stood at Rs 4,043.12 crore, up 39.4 percent from Rs 2,900.56 crore reported in FY21.
The total revenue in the quarter under review was Rs 2,11,471 crore, up 11.64 percent from Rs 1,89,176 crore-revenue reported in the corresponding quarter last year.
LIC, which recently opened its IPO, declared a dividend of Rs 1.50 per equity share, a regulatory filing noted.
“The Board of Directors, in its meeting held on 30.05.2022, have proposed a dividend of Rs 1.50 per equity share with a face value of Rs 10 each for the year ended March 31, 2022, which is subject to the approval of shareholders in AGM,” it said.
The insurance company also noted that the net premium income in the fourth quarter jumped to 1,44,158.84 crore, which is 17.88 percent higher than Rs 1,22,290.64 crore reported in Q4 FY21.
According to LIC, its income from the first year premium increased to Rs 14,663.19 crore, up 32.65 percent YoY.
From renewal premium, the insurance company saw a 5.37 percent rise in income to Rs 71,472.74.05 crore, and through single premium, it reported a 33.70 percent surge to Rs 58,250.91 crore.