LIC reports lower profit in Q4; declares dividend – Times of India

MUMBAI: Life Insurance Corporation of India (LIC) reported a profit of Rs 2,372 crore ($306 million) for the March quarter, up from Rs 2,893 crore a year ago.
India’s largest insurer and largest domestic financial investor also declared a dividend of Rs 1.50 per share with a face value of Rs 10, it said in a regulatory filing on Monday.
LIC’s net premium income increased to Rs 1.44 lakh crore from Rs 1.22 lakh crore a year ago.
Its solvency ratio, a measure of an insurer’s ability to meet long-term debt obligations, rose to 1.85 from 1.76 a year ago.
Its 13-month continuation ratio shows the number of policies renewing a decline from 73.24 per cent to 69.24%.
LIC made its debut on the stock exchanges earlier this month. As of Monday’s close, the stock was down 11.7% from their offer price of Rs 949 per share.
The government sold 3.5% stake and raised around Rs 20,500 crore from India’s biggest IPO.