LIC board really useful a remaining dividend of Rs 3 per fairness share with a face worth of Rs 10 every
New Delhi:
Insurance coverage behemoth LIC on Wednesday posted a greater than five-fold soar in consolidated internet 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 12 months earlier.
Nevertheless, the overall 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 in opposition to 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 12 months in the past, whereas the only premium decreased to Rs 43,252 crore from Rs 58,251 crore.
For your complete monetary 12 months 2022-23, LIC registered a multi-fold rise in internet revenue to Rs 35,997 crore from Rs 4,125 crore within the previous monetary 12 months.
The surge in annual revenue for FY23 was helped by a soar within the second quarter bottomline to Rs 15,952 crore. It was as a consequence of a switch of Rs 15.03 lakh crore to shareholders’ accounts on the finish of September.
The board of LIC has really useful a remaining dividend of Rs 3 per fairness share with a face worth of Rs 10 every for the 12 months ended March 31, 2023.
The solvency ratio – which measures an insurance coverage firm’s money movement compared to the quantity it owes as complete life cowl – elevated to 1.87 per cent as of March 31, 2023, in opposition to 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 12 months.
LIC introduced down its internet NPAs to nil degree from 0.04 per cent on the finish of March 2022.
Shares of the LIC closed 0.61 per cent larger at Rs 593.55 apiece on BSE.
Final 12 months, 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 difficulty value of Rs 949 a share.
Buyers have misplaced practically Rs 2.5 lakh crore because the itemizing of shares.
The federal government offered over 22.13 crore shares or a 3.5 per cent stake in LIC by the IPO. The value band of the difficulty was Rs 902-949 a share. Nevertheless, shares have been allotted to traders on Could 12, 2022, on the higher finish of the worth band.
(Apart from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)
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