India’s largest insurance company, LIC (Life Insurance Corporation of India) declared its Q4 results on Monday.
LIC’s net profit fell 18% to Rs 2,372 crore for the fourth quarter ended 31 March 2022. The insurance company published a profit of Rs 2,893 crore last year.
The insurance giant’s net premium income rose to Rs 1.44 lakh crore, up 18% for the quarter from Rs 1.22 lakh crore (in the same quarter) last year.
The Board of Directors has proposed a dividend of Rs 1.50 per equity share.
For the newly listed company, this is the first quarter financial results declaration.
LIC had earlier announced a behemoth Rs. 21,000 crore initial public offering (IPO) on May 4, with a price band between Rs. 902- Rs. 949 per equity share. LIC listing was a government disinvestment exercise, wherein the GOI sold over 22.13 crore shares or a 3.5% stake
The IPO, much to its fan-fare raised $2.7 billion, with buyers, ranging from sovereign funds in Norway and Singapore, to millions of Indian retail investors. However, it had a tepid listing on the indices and is trading nearly 15% below the cutoff price (since its listing on May 17).
On Monday, LIC's script traded 1.89% higher at Rs 837.05 apiece.
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Research Analyst: Bavadharini KS