Life Insurance Corp (LIC) on Wednesday reported standalone 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.
In the March quarter, net premium income decreased 8 per cent to Rs 1.31 trillion from Rs 1.43 trillion in the corresponding quarter the year prior.
First year premium for LIC in the reporting quarter was Rs 12,811, a 12 per cent decrease from Rs 14,614 in the corresponding quarter last year.
Investment income increased slightly over the same time previous year, rising to Rs 67,846 crore from Rs 67498 crore.
Net commission increased by 5 per cent to Rs 8,428 crore during the quarter. In the same period the year before, the amount was Rs 7,996 crore. The insurer's earnings for the entire year fell 10 per cent to Rs 36,397 crore from Rs 40,431 crore reported in fiscal 2022.
The company's solvency ratio increased from 1.85 in the December quarter and March quarter of previous year to 1.87 at the end of the March quarter.
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The board has a recommended a final dividend of Rs 3 per equity share with face value of Rs 10 each for the year ended March 2023.
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