Insurance behemoth LIC on Monday posted a 17% decline in consolidated net profit to ₹2,409 crore for the fourth quarter ended March 2022.
The insurer had earned a profit of ₹2,917 crore in the same quarter a year earlier.
This is the first-ever quarterly result of LIC after being listed on bourses earlier this month.
The total income of the insurer during the March quarter increased to ₹2,12,230.41 crore, from ₹1,90,098 crore in the same period of the previous fiscal, LIC said in a regulatory filing.
LIC’s income from first-year premium rose to ₹14,663.19 crore as against ₹11,053.34 crore in the same quarter previous fiscal.
The income from renewal premium rose 5.37% to ₹71,472.74 crore, while from single premium increased by 33.70% to ₹58,250.91 crore during the quarter.
For the entire financial year 2021-22, LIC reported a 38% rise in profit at ₹4,124.70 crore, from ₹2,974.13 crore in the previous financial year.
The board of LIC has recommended a dividend of ₹1.50 per equity share with a face value of ₹10 each for the year ended March 31, 2022.
Shares of the LIC closed at ₹837.05 or 1.89% higher on the BSE.
Earlier this month, the government raised ₹20,557 crore by diluting its 3.5% stake in the LIC through the initial public offering (IPO), the country’s biggest ever.
LIC shares were listed at a discount of 8.62% at ₹867.20 apiece on BSE over the issue price of ₹949 a share.
The government sold over 22.13 crore shares or a 3.5% stake in LIC through the IPO. The price band of the issue was ₹902-949 a share. However, shares were allocated to investors on May 12 at the upper end of the price band.
