LIC board advisable a closing dividend of Rs 3 per fairness share with a face worth of Rs 10 every
New Delhi:
Insurance behemoth LIC on Wednesday posted a greater than five-fold bounce in consolidated web revenue to Rs 13,191 crore for the fourth quarter ended March 2023.
The insurer had earned a revenue of Rs 2,409 crore in the identical quarter a yr earlier.
However, the whole revenue of the insurer throughout the March quarter declined to Rs 2,01,022 crore from Rs 2,15,487 crore in the identical interval of the earlier fiscal, LIC stated in a regulatory submitting.
LIC’s revenue from first-year premium additionally got here right down to Rs 12,852 crore towards Rs 14,663 crore in the identical quarter earlier fiscal.
The revenue from renewal premiums within the reporting interval rose to Rs 76,328 crore in comparison with Rs 71,473 crore a yr in the past, whereas the only premium decreased to Rs 43,252 crore from Rs 58,251 crore.
For the complete monetary yr 2022-23, LIC registered a multi-fold rise in web revenue to Rs 35,997 crore from Rs 4,125 crore within the previous monetary yr.
The surge in annual revenue for FY23 was helped by a bounce within the second quarter bottomline to Rs 15,952 crore. It was as a result of a switch of Rs 15.03 lakh crore to shareholders’ accounts on the finish of September.
The board of LIC has advisable a closing dividend of Rs 3 per fairness share with a face worth of Rs 10 every for the yr ended March 31, 2023.
The solvency ratio – which measures an insurance coverage firm’s money move compared to the quantity it owes as complete life cowl – elevated to 1.87 per cent as of March 31, 2023, towards 1.85 per cent on the finish of the previous fiscal.
The insurer’s gross non-performing belongings (NPAs) moderated to 2.56 per cent from 6.03 per cent on the finish of March 2022.
In absolute phrases, it declined considerably to Rs 12,031 crore from Rs 27,087 crore on the finish of the previous monetary yr.
LIC introduced down its web NPAs to nil degree from 0.04 per cent on the finish of March 2022.
Shares of the LIC closed 0.61 per cent greater at Rs 593.55 apiece on BSE.
Last yr, the federal government raised Rs 20,557 crore by diluting its 3.5 per cent stake within the LIC by the preliminary public providing (IPO), the nation’s greatest ever.
LIC shares have been listed at a reduction of 8.62 per cent at Rs 867.20 apiece on BSE over the problem worth of Rs 949 a share.
Investors have misplaced practically Rs 2.5 lakh crore for the reason that itemizing of shares.
The authorities offered over 22.13 crore shares or a 3.5 per cent stake in LIC by the IPO. The worth band of the problem was Rs 902-949 a share. However, shares have been allotted to buyers on May 12, 2022, on the higher finish of the worth band.
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