LIC reports net profit of Rs4,043 cr in FY22

Mumbai: For the full financial year 2021-22, the state-run insurance behemoth, life insurer, LIC, posted a net profit of Rs 4,043.12 crore, which is 39.4 per cent higher from Rs 2,900.56 crore in the year-ago period. It is for the first time that the Corporation has declared its financial quarterly and annual result post listing.

It had reported a consolidated net profit of Rs 2,409.39 crore for the quarter ended 31 March 2022, down by 17.41 per cent from Rs 2,917.33 crore a year ago.

LIC's total revenue rose by 11.64 per cent year-on-year to Rs 2,11,471 crore in the fourth quarter of the financial year ended March 2022 as compared to Rs 1,89,176 crore in the corresponding quarter of the previous year.

The Corporation has declared a dividend of Rs 1.50 per equity share with a face value of Rs 10 each for the year. In a recent filing to BSE, LIC said it will consider and approve the audited financial results, standalone and consolidated, for the quarter and year ended on March 31, and payment of dividend, if any, on May 30.

"Accordingly, the trading window for dealing in shares of the corporation is closed from May 17, till 48 hours after the board meeting for consideration and approval of financial results for the

quarter/year ended on March 31," the Corporation said.

The market cap of the company stood at Rs 5,24,626.93 crore, with a free float m-cap just at Rs 15,730 crore. The Rs 20,557 crore IPO, which ran from May 4 to May 9, received 2.95 times subscription. The scrip debuted on May 17 at about 9 per cent discount to the issue price.

The meeting of the Board of the Corporation was held on May 30. The insurance behemoth, which was listed on the bourses earlier this month on May 17, said the board will consider and approve the audited financial results (standalone and consolidated) for the quarter and year ended March 31. The meeting will also consider payment of dividends if any, LIC said.

The much sought-after IPO (initial public offer) of LIC made its debut at around 8 percent less than its issue price, in a choppy market condition mainly because of the geopolitical tensions arising out of the Russia-Ukraine war.

LIC registered an increase of 6.1 per cent in the Net Premium Income at Rs 4,27,419 crore from Rs 4,02,844 crore in the the year-ago period.