The corporations’ first year premium increased 32.65 per cent to Rs 14,663.19 crore and its renewal premium increased by 5.37 per cent to Rs 71,472.74.05 crore in the reporting quarter
NEW DELHI:
Life Insurance Corporation (LIC) of India has seen its net profits falling by 18 percent year on year (Y-O-Y) to Rs 2,409.39 crore in Q4FY2021-22 as compared to Rs 2,917.33 crore in the year-ago period.
It reported consolidated net profit of Rs 2,893 crore in Q4FY21.
LIC Board at its meeting held on Monday approved the financial results for the quarter and year ended March 31, 2022.
Announcing its results for the first time after getting listed in the bourses , the corporation has announced a dividend of 15 per cent for its shareholders in 2021-22.
LIC’s net premium income rose 18 per cent y-o-y to Rs 1,44, trillion in the reporting quarter from Rs 1,22, trillion in the year ago. period.
Solvency ratio of LIC, was 1.85 in Q4FY22 as compared to 1.77 in Q4FY21.
The company’s income from investments, at Rs 67,855.59 crore, was almost flat compared to 67,684.27 crore in the year-ago quarter.
For the full financial year 2021-22, the government-run insurer posted a net profit of Rs 4,043.12 crore, which is 39.4 per cent higher as compared to Rs 2,900.56 crore recorded in 2020-21.
LIC’s total revenue rose by 11.64 per cent year-on-year to Rs 2,11,471 crore in the fourth quarter of the financial year ended March 2022 as compared to Rs 1,89,176 crore in the corresponding quarter of the previous year.
The 13th-month persistency ratio stood at 69.24 per cent in the reporting quarter compared to 73.94 per cent in the year -ago period.
Similarly, the 25th-month ratio was at 68.23 per cent versus 62.73 per cent and the 61st-month ratio at 55.61 per cent compared to 54.43 per cent.
The corporations’ first year premium increased 32.65 per cent to Rs 14,663.19 crore and its renewal premium increased by 5.37 per cent to Rs 71,472.74.05 crore in the reporting quarter.
On Monday, the company’s scrip on BSE closed 1.8% higher at Rs 836.50.