LIC Declares ₹3,662 Cr Dividend for Government Stake at ₹6/Share

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Synopsis:

LIC announces ₹3,662 crore dividend for the government stake after reporting ₹13,762 crore net profit. Asset quality improves, while GNPA is at 2.01%. VNB rose 4.66% to ₹9,583 crore. Non-par APE doubles while AUM increases to ₹51.21 lakh crore.

LIC News Today

The Government of India is set to receive a dividend of ₹3,662 crore from Life Insurance Corporation (LIC) of India, its largest shareholder. This dividend follows LIC's declaration of an interim dividend of ₹6 per share on May 27. 

Explore: LIC HOUSING FINANCE LTD

Financial Performance

LIC reported a 2.5 per cent year-on-year increase in net profit to ₹13,762 crore for the March quarter of the financial year 2023-24. This marks a rise from ₹13,421 crore in the corresponding period last year. Additionally, the insurer noted an improvement in asset quality during the final quarter of FY24.

Additiona Read: LIC

Operational Highlights

Gross non-performing assets (GNPA) stood at 2.01 per cent, down from 2.56 per cent in the previous year. The value of new business (VNB) grew by 4.66 per cent to ₹9,583 crore, with the VNB margin increasing by 60 basis points to 16.8 per cent. Non-par Annualised Premium Equivalent (APE) doubled, with significant growth in the non-par share of individual business.

Policy Sales and Asset Management

Despite a slight decrease in policy sales in the individual segment compared to the previous fiscal year, assets under management (AUM) saw a substantial increase. AUM rose to ₹51.21 lakh crore as of March 2024, reflecting a 16.48 per cent year-on-year growth.

Additional Read: How to link Aadhar with LIC Policy?

Solvency Ratio

LIC's solvency ratio stood at 1.98 per cent, showing an improvement from the previous year's ratio of 1.87 per cent. This indicates the insurer's continued financial stability and ability to meet its obligations.

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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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