Insurance company LIC has made a profit of Rs 9444 crore in the December quarter of the current financial year. The government insurance company has also announced an interim dividend of Rs 4 on each share.
Government insurance company Life Insurance Corporation of India (LIC) has made a standalone net profit of Rs 9444 crore in the December quarter of the current financial year. The profit of the insurance company has increased by 49% compared to the December quarter of the last financial year.
LIC had made a profit of Rs 6334 crore in the December quarter of the last financial year. LIC shares closed at Rs 1106.25 on Thursday with a rise of about 6%. Shares of LIC have also made their new high of 52 weeks on Thursday.
Interim dividend of Rs 4 on every share
Insurance company LIC has declared an interim dividend of Rs 4 per share for the financial year 2023-24. The company has fixed the record date of interim dividend as 21 February 2024. The insurance company has said that the interim dividend will be paid within 30 days from the date of its declaration. LIC will spend Rs 2529 crore on dividend. The government’s stake in the company is 96.5%, so the government will get Rs 2440 crore.
Net premium income was Rs 1.17 lakh crore
In the December quarter of the current financial year, the net premium income of the government insurance company has increased by 5% to Rs 1.17 lakh crore. LIC’s net premium income in the same period of the last financial year was Rs 1.11 lakh crore. LIC’s gross non-performing assets stood at 2.15 percent, which was 5.02 percent last year.
At the same time, the solvency ratio of the company was 1.93 percent, which was 1.85 percent during the same period last year. At the end of December 2023 quarter, LIC’s Assets Under Management (AUM) has increased to Rs 49.66 lakh crore.
