Insurance coverage behemoth LIC on Monday posted a 17 per cent decline in consolidated web revenue to Rs 2,409 crore for the fourth quarter ended March 2022.
The insurer had earned a revenue of Rs 2,917 crore in the identical quarter a yr in the past.
That is the first-ever quarterly results of LIC after being listed on bourses earlier this month.
The whole revenue of the insurer in the course of the March quarter elevated to Rs 2,12,230.41 crore, from Rs 1,90,098 crore in the identical interval of the earlier fiscal, LIC stated in a regulatory submitting.
LIC’s revenue from first-year premium rose to Rs 14,663.19 crore as towards Rs 11,053.34 crore in the identical quarter earlier fiscal.
The revenue from renewal premium rose 5.37 per cent to Rs 71,472.74 crore, whereas from single premium elevated by 33.70 per cent to Rs 58,250.91 crore in the course of the quarter.
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For the complete monetary yr 2021-22, LIC reported a 38 per cent rise in revenue at Rs 4,124.70 crore, from Rs 2,974.13 crore within the earlier monetary yr.
The board of LIC has advisable a dividend of Rs 1.50 per fairness share with a face worth of Rs 10 every for the yr ended March 31, 2022.
Shares of the LIC closed at Rs 837.05, 1.89 per cent increased on the BSE.
Earlier this month, the federal government raised Rs 20,557 crore by diluting its 3.5 per cent stake within the LIC by the preliminary public providing (IPO), the nation’s greatest ever.
LIC shares have been listed at a reduction of 8.62 per cent at Rs 867.20 apiece on BSE over the problem value of Rs 949 a share.
The federal government offered over 22.13 crore shares or a 3.5 per cent stake in LIC by the IPO. The value band of the problem was Rs 902-949 a share. Nonetheless, shares have been allotted to buyers on Could 12 on the higher finish of the value band.