Life Insurance Corp of India Reports Lower Profit; declare a dividend

A security guard walks past the logos of Life Insurance Corporation of India (LIC) and Bombay Stock Exchange (BSE) inside the BSE building in Mumbai, India, May 17, 2022. REUTERS/Niharika Kulkarni

MUMBAI, May 30 (Reuters) – Life Insurance Corporation of India (LIFI.NS) reported a profit of 23.72 billion Indian rupees ($306 million) for the March quarter, compared with 28.93 billion a year earlier. early.

India’s biggest insurer and biggest domestic financial investor also announced a dividend of Rs 1.50 per share with a face value of Rs 10 each, it said in a regulatory filing on Monday.

LIC’s net premium income rose to Rs 1.44 trillion from Rs 1.22 trillion a year earlier.

Its solvency ratio, a measure of an insurer’s ability to honor its long-term debts, fell from 1.76 to 1.85 a year earlier.

Its 13-month persistence ratio reflecting the number of policy renewals fell from 73.24% to 69.24%.

LIC made its stock market debut earlier this month.

As of Monday’s close, the stock was down 11.7% from its offer price of 949 rupees per share.

The government sold a 3.5% stake and raised about 205 billion rupees in India’s biggest IPO.

($1 = 77.5150 Indian rupees)

Reporting by Nupur Anand; edited by Jason Neely

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