 "LIC")
Life Insurance Corp (LIC) on Wednesday reported consolidated Q4FY23 PAT for the corporation stood at Rs 13,190.79 crore, rising by 447.47 per cent or 5.5 folds year-on-year.
Profit after Tax (PAT) for the financial year ended March 31, 2023 at Rs 36,397.40 crore as compared to Rs 4,043.12 crore for the previous year ended March 31, 2022, the company said in a stock exchange filing.
For the entire fiscal FY23, LIC's total premium income stood at Rs 4,74,005 crore up by 10.90 per cent YoY from Rs 4,27,419 crore in FY22.
Profit after Tax (PAT) for the financial year ended March 31, 2023 at Rs 36,397.40 crore as compared to Rs 4,043.12 crore for the previous year ended March 31, 2022, the company said in a stock exchange filing.
For the entire fiscal FY23, LIC's total premium income stood at Rs 4,74,005 crore up by 10.90 per cent YoY from Rs 4,27,419 crore in FY22.
The Assets Under Management (AUM) increased to Rs 43.97 trillion as on March 31, 2023 as compared to Rs 40.85 trillion on March 31, 2022 registering an increase of 7.65 per cent year on year.
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 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. This translates to a dividend payout of Rs 1,897 crore.
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. This translates to a dividend payout of Rs 1,897 crore.
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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Siddhartha Mohanty, Chairperson, LIC said, “Our results demonstrate the resilience of our business, built in every nook and corner of the country, over a period of more than six decades. Our efforts towards enhancing the share of non par products in the overall product mix are bearing fruits. The regulatory initiatives towards Insurance for All by 2047 will present opportunities to grow for the sector and we intend to participate in that growth. As we move forward to grow our business further, we will endeavour to create superior value for all our stakeholders. Finally we thank all our policyholders, agents, employees and shareholders for maintaining their faith in us.”
