The Life Insurance Corporation (LIC) on Wednesday reported over a 5-fold jump in consolidated net profit to Rs 13,191 crore in March 2023 quarter, firm’s regulatory submitting report mentioned.
The LIC recorded a multi-fold improve in the net profit to Rs 35,997 crore for Financial Year 2022-23.
The insurer had earned a profit of Rs 2,409 crore in the identical quarter a yr earlier.
However, the overall revenue of the insurer throughout the March quarter declined to Rs 2,01,022 crore from Rs 2,15,487 crore in the identical interval of the earlier fiscal, LIC mentioned in a regulatory submitting.
LIC’s revenue from first-year premium additionally got here right down to Rs 12,852 crore towards Rs 14,663 crore in the identical quarter earlier fiscal.
The revenue from renewal premiums in the reporting interval rose to Rs 76,328 crore in comparison with Rs 71,473 crore a yr in the past, whereas the one premium decreased to Rs 43,252 crore from Rs 58,251 crore.
For your entire monetary yr 2022-23, LIC registered a multi-fold rise in net profit to Rs 35,997 crore from Rs 4,125 crore in the previous monetary yr.
The surge in annual profit for FY23 was helped by a jump in the second quarter bottomline to Rs 15,952 crore. It was because of a switch of Rs 15.03 lakh crore to shareholders’ accounts on the finish of September.
The board of LIC has really useful a ultimate dividend of Rs 3 per fairness share with a face worth of Rs 10 every for the yr ended March 31, 2023.
The solvency ratio – which measures an insurance coverage firm’s money circulate in comparability to the quantity it owes as complete life cowl – elevated to 1.87 per cent as of March 31, 2023, towards 1.85 per cent on the finish of the previous fiscal.
The insurer’s gross non-performing property (NPAs) moderated to 2.56 per cent from 6.03 per cent on the finish of March 2022.
In absolute phrases, it declined considerably to Rs 12,031 crore from Rs 27,087 crore on the finish of the previous monetary yr.
LIC introduced down its net NPAs to nil stage from 0.04 per cent on the finish of March 2022.
Shares of the LIC closed 0.61 per cent larger at Rs 593.55 apiece on BSE.
Last yr, the federal government raised Rs 20,557 crore by diluting its 3.5 per cent stake in the LIC by means of the preliminary public providing (IPO), the nation’s greatest ever.
LIC shares have been listed at a reduction of 8.62 per cent at Rs 867.20 apiece on BSE over the difficulty worth of Rs 949 a share.
Investors have misplaced practically Rs 2.5 lakh crore because the itemizing of shares.
The authorities bought over 22.13 crore shares or a 3.5 per cent stake in LIC by means of the IPO. The worth band of the difficulty was Rs 902-949 a share. However, shares have been allotted to buyers on May 12, 2022, on the higher finish of the worth band.
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