NEW DELHI, MAY 24, 2023
Life Insurance Corporation of India (LIC) on Wednesday announced a more than five-fold surge in its consolidated net profit to Rs 13,191 crore for the fourth quarter ended March 2023 (Q4FY23) as against Rs 2,409 crore in the corresponding period a year ago.
However, the total income of the insurance behemoth during Q4FY23 declined to Rs 2,01,022 crore from Rs 2,15,487 crore in the year-ago period, LIC said in a regulatory filing.
LIC’s income from first-year premium also came down to Rs 12,852 crore against Rs 14,663 crore in the same quarter in the previous fiscal.
The income from renewal premiums during the period under review rose to Rs 76,328 crore compared to Rs 71,473 crore a year ago, while the single premium went down to Rs 43,252 crore from Rs 58,251 crore.
For the entire financial year 2022-23, LIC reported rise in net profit to Rs 35,997 crore from Rs 4,125 crore in the previous fiscal
The Board of Directors of LIC has recommended a final dividend of Rs 3 per equity share with a face value of Rs 10 each for FY23.