Newly listed insurance behemoth Life Insurance Corporation on Monday posted an 18 percent drop in its March quarter net profit at Rs 2,371 crore.
LIC’s total revenue for the fourth quarter of FY22 stood at Rs 2,11,471 crore, which was 11.64 percent higher than Rs 1,89,176 crore revenue earned in the same period a year ago.
Its net profit for the entire fiscal, FY22, was Rs 4,043.12 crore, showing an increase of 39.4 percent as against Rs 2,900.56 crore in FY21.
LIC’s net premium income during the the quarter under review rose to 1,44,158.84 crore, showing a 17.88 percent jump as against Rs 1,22,290.64 crore in Q4 FY21.
Its board has recommended a dividend of Rs 1.50 per equity share.
The insurer’s shares have fallen more than 15 percent over its IPO issue price. The company made its stock market debut on May 17, 2022.
On Monday, shares of LIC closed 1.89 percent higher at Rs 837.05 apiece on the BSE.
LIC IPO closed with nearly 3 times subscription. LIC IPO drew a tremendous response from buyers in retail and employees’ categories, but foreign investor portion saw a muted response. The government sold over 22.13 crore shares or a 3.5 percent stake in the insurance giant through the initial share sale.
