State-run insurance giant Life Insurance Corporation of India (LIC) on May 30 reported a net profit of Rs 2,409 crore for the quarter ending March 2022, which was 17.41 percent lower as compared to Rs 2,917.33 crore reported in the year-ago period.
The company's net profit for the entire fiscal was reported as Rs 4,043.12 crore, which was 39.4 percent higher as compared to Rs 2,900.56 crore in FY21.
The total revenue in Q4 FY22 came in at Rs 2,11,471 crore, which was 11.64 percent higher as compared to Rs 1,89,176 crore-revenue reported in the corresponding quarter last year.
LIC, which recently opened up to India's largest initial public offering (IPO), also announced a dividend of Rs 1.50 per equity share, a regulatory filing noted.
"The Board of Directors, in its meeting held on 30.05.2022, have proposed dividend of Rs 1.50 per equity share with face value of Rs 10 each for the year ended March 31, 2022, which is subject to approval of shareholders in AGM," it said.
The company also noted that its net premium income, during the the quarter under review, climbed to 1,44,158.84 crore. This marked a 17.88 percent increase as against Rs 1,22,290.64 crore reported in Q4 FY21.
According to LIC, its income from first year premium rose to Rs 14,663.19 crore, marking a 32.65 percent YoY surge. From renewal premium, the income rose 5.37 percent to Rs 71,472.74.05 crore, and through single premium, it increased by 33.70 percent to Rs 58,250.91 crore.
The 13-month persistency ratio - a key metric to assess the flow of renewal premiums from policyholders - stood at 69.24 percent at the end of Q4 FY22, as compared to 73.94 percent in the year-ago period.
The quarterly results were released by LIC days after it raised around Rs 21,000 crore in the IPO, at a valuation of Rs 6.01 trillion.The company's shares closed at Rs 837.05 a piece at the BSE on May 30, which was 1.89 percent as compared to the previous day's close.