Life Insurance Corporation of India has recorded a standalone net profit of Rs 13,427.8 crore for the quarter ended March FY23, a rise of 466 per cent 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. The sequential growth in profit was 112 per cent.
The Board of Directors has proposed a dividend of Rs 3 per equity share (face value Rs10 each) for the FY23. LIC shares closed 0.61 per cent higher at Rs 593.55 on the BSE on Wednesday. It shares are quoting at a discount of 37.45 per cent from the IPO price of Rs 949 per share. The total profit amounted to Rs 36,397 crore for the March 2023 quarter as against Rs 4,043 crore in the previous fiscal.
LIC said 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 per cent. “The first year premium fell by 12.33 per cent on-year to Rs 12,811.2 crore, but the renewal premium increased by 6.8 per cent to Rs 76,009 crore compared to year-ago period,” it said. 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.
Out of the total surplus fund, the corporation has transferred 92.5 per cent (95 per cent in FY 2021-22) for FY24 to the participating policyholders fund and balance 7.5 per cent (5 per cent in FY 2021-22) to the shareholders’ fund. As per LIC, an estimated additional provision of Rs 11,543.75 lakh has been made for employee retirement benefits due to wage revision which became due from August 1, 2022.
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