New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) reported a consolidated net profit that increased by more than five times, to Rs 13,191 crore for the fourth quarter that ended in March 2023.
In the same quarter a year prior, the insurance company had made a profit of Rs 2,409 crore. However, LIC said in a regulatory filing that the insurer’s overall revenue for the March quarter fell to Rs 2,01,022 crore from Rs 2,15,487 crore during the same period of the previous fiscal.
LIC INTERIM DIVIDEND 2023
LIC said that for the fiscal year 2022–2023, the board of LIC has recommended a final dividend of Rs 3 per equity share with a face value of Rs 10 each for the year ended March 31, 2023.
“The Board of Directors have recommended a dividend of Rs 3 per share translating to a dividend payout of Rs. 1,897 crore,” LIC said in a BSE Filing.
LIC INTERIM DIVIDEND 2023 RECORD DATE
The Record Date for the purpose of paying the interim dividend has been set by the LIC as 21st July 2023. The 2023 Annual General Meeting (AGM) of LIC will take place on August 22, following which LIC will pay out the final dividend for FY23.
LIC added that in terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI) LIC has maintained its leadership in Indian life insurance business with a market share of 62.58% for FY 2022-23. Further (as per IRDAI) the total FYPI for LIC grew by 16.67% from Rs. 1.98 lakh crore in FY 2022 to 2.32 lakh crore in FY 2023.
The Profit after Tax (PAT) for the year ended March 31st 2023 was Rs. 36,397.40 crore as compared to Rs. 4,043.12 crore for the previous year ended March 31st, 2022. The profit for FY 2022-23 comprises of an amount of Rs. 27,240.75 crore (net of tax), which is pertaining to the accretion on the Available Solvency Margin, transferred from Non Par fund to shareholders account, LIC said in the BSE filing.