Life Insurance Corporation of India (LIC) on Monday posted a profit of Rs 2,409.39 crore during the quarter ended on March 31, 2022, down 17.41 per cent from Rs 2,917.33 crore recorded in the same period last year.
LIC's year gross premium income for first-year premium rose 66.33 per cent to Rs 14,663.19 crore on a yearly basis in the fourth quarter (Q4). Renewal premium income grew by 25.06 per cent to Rs 71,472.74 crore, and single premium income jumped 80.72 per cent to Rs 58,250.91 crore (YoY).
The Board of Directors of the state-run insurer also declared a dividend of Rs 1.50 per equity share with a face value of Rs 10 each for the financial year 2021-22 (FY22), subject to shareholders' nod.
The dividend recommendation comes as the insurance behemoth received a tepid response from its mega-initial public offering (IPO). The stock had touched an all-time low of Rs 801.55 after a weak listing against the issue price of Rs 949.
Meanwhile, shares of LIC rose 1.89 per cent to settle at Rs 837.05 today. The financial numbers were declared post market hours.
This marks the first quarterly announcement of LIC after its listing on the stock exchanges.
LIC's valuation has fallen over Rs 80,000 crore from its issue, with about Rs 42,500 crore market capitalisation (m-cap) lost from its lacklustre debut on May 12 and a further Rs 38,000 crore since then.