LIC declares dividend of Rs 1.5 after lower profit in Q4
Life Insurance Corporation of India (LIC) reported an 18% drop in standalone net profit for the fourth quarter ended March 31, 2022, at Rs 2,372 crore.
LIC's net premium income increased to Rs 1.44 lakh crore in the current quarter from Rs 1.22 lakh crore in the previous fiscal quarter.
LIC's consolidated net profit for the March quarter fell 17% to Rs 2,409 crore from Rs 2,917 crore the previous year.
The LIC Board of Directors recommended a dividend of Rs 1.50 per equity share with a face value of Rs 10 for the fiscal year ending March 31, 2022.
Its solvency ratio, which measures an insurer's ability to meet long-term debt obligations, increased to 1.85 from 1.76 the previous year.