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As On 08-Dec-2022 14:57 PM
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  • LIC Q4 profit falls 18% on low surplus; Announces an interim dividend of Rs.1.50 per share


    Life Insurance Corporation of India reported revenue of Rs. 2,372 crore for the quarter ended March 2022 - down 18% from Rs. 2,896 crore in the same quarter a year ago due to lower cash transfers from policyholders' funds to shareholder accounts. Net profit for the full year was Rs 4,043 crore, up 39% from Rs 2,900 crore in the previous fiscal.

    The Corporation Board has declared a dividend of Rs.1.5 per equity share with a face value of Rs.10 for the year ended March 31, 2022. Shares of LIC were up nearly 2% at Rs 837 before the announcement. The results were released after the close of trading on the stock exchanges.

    The corporation's first year premium income rose 33% to Rs 14,614 crore, renewal premium increased by 5.4% to Rs 71,157 crore and single premium increased by 34% to Rs 58,198 crore during the quarter. LIC diverted a small amount of Rs 2,281 crore from policyholders' accounts during the quarter, down 21% from Rs 2,889 crore in the year-ago period.

    According to analysts, LIC's numbers for the current financial year and the previous year are not comparable because the company has undergone many changes since its balance sheet became IPO-ready. FY22 is also considered an exceptional year due to Covid losses.

    According to LIC, information available in the public domain does not conclusively suggest the need for any long-term change in the expected future mortality experience on account of Covid. “It is, however, considered prudent that a separate reserve is kept as Covid reserve without need for changing long-term mortality assumptions,” the corporation said.

    In addition, the corporation has set aside Rs 11,124 crore to provide additional pensions to its employees. This should be arranged within a period of five years. Against this liability, there is a balance of Rs 4,449 crore, which is to be funded over the next two years till March 31, 2024.

    The company's revenue from investments was slightly higher at Rs 67,855 crore compared to Rs 67,684 crore in the same quarter a year ago. There is a slight decline in the thirteenth month persistency ratio, which was 69.2% compared to 73.9% in the fourth quarter of the previous year.




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Flash News 08-Dec-2022
  •  ( 13:08) Kalyan Jewellers to expand retail footprint by over 30% in CY23  
  •  ( 12:34) Barometers turn range bound; Nifty hovers below 18,600; VIX down 1.91%  
  •  ( 12:09) Dredging Corporation bags reclamation dredging contract from NRL  
  •  ( 11:53) Talbros Automotive bags order worth Rs 60 crore  
  •  ( 11:13) Sun Pharma Gujarat plant gets import alert from USFDA  
  •  ( 11:09) Macrotech Developers launches QIP issue  
  •  ( 10:22) Dharmaj Crop Guard lists at Rs 266 v/s IPO price Rs 237  
  •  ( 10:12) Tvs Motor arm acquires entire stake in German co  
  •  ( 09:54) JSW Steel crude steel production jumps 16% YoY in November  
  •  ( 09:50) Eveready Inds appoints Bibek Agarwala as CFO  
  •  ( 09:39) HCL Tech tie-up with Intel and Mavenir to deliver 5G enterprise solutions  
  •  ( 09:30) Market breadth strong  
  •  ( 09:30) Barometers trade with minor cuts  
  •  ( 08:38) Most Asian stocks trading lower  
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08 December 2022 14:55
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