Life Insurance coverage Company of India (LIC) on Monday posted a revenue of Rs 2,409.39 crore throughout the quarter ended March 31, 2022, down 17.41 per cent from Rs 2,917.33 crore recorded in the identical interval final 12 months.
LIC’s 12 months gross premium revenue for first-year premium rose 66.33 per cent to Rs 14,663.19 crore on an yearly foundation in fourth quarter (This fall). Renewal premium revenue grew by 25.06 per cent to Rs 71,472.74 crore, and single premium revenue jumped 80.72 per cent to Rs 58,250.91 crore (YoY).
The Board of Administrators of the state-run insurer additionally declared a dividend of Rs 1.50 per fairness share with a face worth of Rs 10 every for the monetary 12 months 2021-22 (FY22), topic to shareholders’ nod.
The dividend suggestion comes because the insurance coverage behemoth acquired a tepid response from its mega-initial public providing (IPO). The inventory had touched an all-time low of Rs 801.55 after a weak itemizing towards the difficulty worth of Rs 949.
In the meantime, shares of LIC rose 1.89 per cent to settle at Rs 837.05 immediately. The monetary numbers have been declared submit market hours.
This marks the primary quarterly announcement of LIC after its itemizing on the inventory exchanges.
LIC’s valuation has fallen over Rs 80,000 crore from its subjectwith about Rs 42,500 crore market capitalization (m-cap) misplaced from its lacklustre debut on Could 12 and an extra Rs 38,000 crore since then.