The Life Insurance Corporation of India (LIC), a state-run company, will give the Government of India a dividend of Rs 3,662 crore. The government is the largest shareholder in LIC. On Monday, LIC declared a final dividend of Rs 6 per share for the financial year ending March 31, 2024.
The government owns 96.50% of LIC, which amounts to 6,10,36,22,781 shares out of a total of 6,32,49,97,701 fully paid-up equity shares.
For the quarter ending March 31, 2024, LIC reported a net profit of Rs 13,782 crore, up 4.5% from Rs 13,191 crore in the same period last year. The company’s board has declared a final dividend of Rs 6 per share.
LIC remains the market leader in the Indian life insurance sector, holding a 58.87% overall market share in First Year Premium Income (FYPI). For the year ending March 31, 2024, LIC had a 38.44% market share in individual business and a 72.30% share in group business.
The Total Premium Income for the year ending March 31, 2024, was Rs 4,75,070 crore, slightly up from Rs 4,74,005 crore the previous year. Individual Business Premium increased to Rs 3,03,768 crore from Rs 2,92,763 crore the previous year. Group Business Premium was Rs 1,71,302 crore, down from Rs 1,81,242 crore the previous year.
LIC’s assets under management (AUM) grew to Rs 51,21,887 crore in March 2024, a 16.48% increase from Rs 43,97,205 crore in March 2023. LIC sold 2,03,92,973 policies in the individual segment during the year ending March 31, 2024, slightly fewer than the 2,04,28,937 policies sold the previous year.
The Value of New Business (VNB) for the year ending March 31, 2024, was Rs 9,583 crore, up 4.66% from Rs 9,156 crore the previous year. The net VNB margin increased to 16.80%, up from 16.20% the previous year.
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