• 9810733616
  • pradeepbhatia.life@gmail.com
  • LIC Q4 profit surges nearly 6-fold to Rs 13,428 crore; dividend declared

    LIC earned net commission of Rs 8,428.5 crore for the last quarter of FY23, growing 5.4 percent over the year-ago period, and showing a massive 33.4 percent increase compared to previous quarter.

    Life Insurance Corporation of India recorded a standalone net profit of Rs 13,427.8 crore for the quarter ended March FY23, growing 466 percent over the corresponding period in the last fiscal.

    The standalone net profit for the March FY22 quarter stood at Rs 2,371.5 crore, according to an exchange filing from the country's largest insurer on May 24. The sequential growth in profit was 112 percent.

    Standalone net premium income fell by 8.3 percent year-on-year to Rs 1.31 lakh crore for March FY23 quarter, but on a sequential basis, the said premium income increased by 17.9 percent.

    "The first year premium fell by 12.33 percent on-year to Rs 12,811.2 crore, but the renewal premium increased by 6.8 percent to Rs 76,009 crore compared to year-ago period," the life insurance major said in its filing to exchanges on May 24.

    LIC earned net commission of Rs 8,428.5 crore for the last quarter of financial year 2022-23, growing 5.4 percent over year-ago period, and showing a massive 33.4% increase compared to previous quarter.

    The 13th month persistency ratio, which indicates policyholder loyalty, increased to 70.16 percent for the quarter ended March FY23, from 69.24 percent a year-ago period. This means higher policyholders are sticking with LIC beyond one year, but 25th month persistency ratio fell to 63.84 percent in Q4FY23, from 68.23 percent in corresponding period last fiscal.

    LIC’s solvency ratio in March FY23 quarter was at 1.87, which came in higher compared to 1.85 in Q4FY22 as well as Q3FY23.

    The company said its board has recommended final dividend of Rs 3 per share FY23, translating to a dividend payout of Rs 1,897 crore.