New Delhi: Insurance giant Life Insurance Corp (LIC) recorded standalone profits of Rs 13,428 crore for the March quarter of the financial year 2023. The firm reported a gain of 466 per cent compared to Rs 2,371 crore same period a year back.
With this vast profit gain, the company’s board has suggested a dividend of Rs 3 per share with a face value of Rs 10 each for the fourth quarter of 2023.
The insurance company’s net premium income fell 8 per cent to Rs 1.31 lakh crore in the Q4, against Rs 1.43 lakh crore in the same quarter last year.
Company’s income from investments hiked marginally to Rs 67,846 crore in the Quarter that ended on March 2023 in comparison to Rs 67,498 crore corresponding quarter in the previous year.
During the quarter, the net commission took a hike by 5 per cent to Rs 8,428 crore which stood at Rs 7,996 crore during the same period last year. The insurer’s profits diminished by 10 per cent to Rs 36,379 crore versus Rs 40, 431 crore reported in fiscal 2022 for a whole year.
The firm’s solvency ratio was at 1.87 in Q4, up from 1.85 in the Q3 and Q4 of the proceeding year.
Income from the investments (on policyholder fund) without unrealised gains was at 6.85 per cent in Q4 of 2023 against to 8.64 per cent in the Q3 of 2023 and 7.46 for the Q4 of 2022.
The persistency ratio for the 13th month during the end of the fourth quarter stood at 70.16 per cent against 70.94 per cent in Q3, which was 69.24 per cent for the quarter that ended on March 2022.