India’s biggest insurer LIC posted its earnings for the quarter ended March after market close on Monday.
What Happened: The insurance behemoth’s net profit for the March quarter came in at ₹13,762 crore, up around 2.4% from the ₹13,427 crore posted in the corresponding quarter of last year. The company’s net premium income for the January-March period stood at ₹1.52 lakh crore, up around 15.5% from the ₹1.31 lakh crore reported at the end of the same period last year.
The company’s board declared a ₹6/share final dividend for the year ending March 2024. The board has fixed July 19 as the
record date for the dividend payment.
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The Profit after Tax (PAT) for the year ended March 2024 was at ₹40,676 crore as compared to ₹36,397 crore for the year ended March 2023. The PSU sold a total of 2,03,92,973 policies in the individual segment during the year ended March 2024 as compared to 2,04,28,937 sold in the previous year.
In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader by market share in the Indian life insurance business with an overall market share of 58.87%. For the year ended March 31st 2024, LIC had a market share of 38.44% in Individual business and 72.30% in the Group business.
Price Action: LIC’s share price was up 0.61% to close at ₹1,036.05 on Monday.
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