LIC: Life Insurance Corporation of India (LIC) reported a consolidated net profit that grew more than five times to Rs 13,191 crore for the fourth quarter ended March 2023.
In the same quarter a year ago, the insurance company had earned a profit of Rs 2,409 crore. However, LIC said in a regulatory filing that the insurer’s total revenue for the March quarter declined to Rs 2,01,022 crore from Rs 2,15,487 crore during the same period last fiscal.
LIC Interim Dividend 2023
LIC said that for the financial year 2022-2023, the board of LIC has recommended a final dividend of Rs 3 per equity share with face value of Rs 10 each for the year ending March 31, 2023. “The board of directors has recommended a dividend of Rs 3 per share for a total dividend payout of Rs 1,897 crore,” LIC said in a BSE filing.
LIC INTERIM DIVIDEND 2023 RECORD DATE
The record date for payment of interim dividend by LIC has been fixed as 21 July 2023. LIC’s 2023 Annual General Meeting (AGM) will be held on August 22, following which LIC will pay the final dividend for FY23. ,
LIC maintains its leadership in the Indian life insurance business with a market share of 62.58% for FY 2022-23, in terms of market share as measured by first year premium income (FYPI) (as per IRDAI) is kept Also (as per IRDAI) the total FYPI for LIC increased by 16.67% from Rs. 1.98 lakh crore in FY2022 to 2.32 lakh crore in FY2023.
Profit After Tax (PAT) for the year ended 31st March 2023 at Rs. 36,397.40 crore as compared to Rs. 4,043.12 crore for the previous year ending March 31, 2022. The profit for the financial year 2022-23 includes an amount of Rs. 27,240.75 crore (net of tax), which relates to accretion on available solvency margin, was transferred from non-par fund to shareholders’ account, LIC said in a BSE filing.