New Delhi, May 30 (FN Representative) State-run insurance behemoth Life Insurance Corporation of India (LIC) on Monday reported 17.41% year-on-year decline in consolidated net profit at Rs 2,409.39 crore for the quarter ending March 2022. The insurer had registered net profit of Rs 2,917.33 crore in the January-March quarter of financial year 2020-21. The net premium income of LIC in Q4FY22 stood at Rs 1,44,158.84 crore as compared to 1,22,290.64 crore in Q4FY21 registering a growth of 17.88%.
LIC which recently came out with its initial public offering (IPO) reported 38.68% jump in net profit at 4,124.70 crore for the financial year 2021-22 as against Rs 2,974.13 crore in the previous financial year. For the financial year 2021-22, LIC’s net premium income stood at Rs 4,29,500.76 crore as compared to Rs 4,05,398.49 crore in the previous year. The Board of Directors of LIC recommended dividend of Rs 1.50 per equity share with face value of Rs 10 each for the year ended March 31, 2022 subject to approval of shareholders in the annual general meeting (AGM). LIC stock closed 1.89% higher on the BSE at Rs 837.05 a piece on Monday.