The numbers for the fourth quarter weren’t comparable with final 12 months interval, Life Insurance coverage Corp. managing director stated Tuesday as the corporate began compiling quarterly numbers from September 2021 quarter.
LIC MD Raj Kumar, in a submit earnings press convention, stated the worth of latest enterprise (VNB) and the willpower of embedded worth is beneath progress and will probably be accessible quickly.
On the decrease dividend, the corporate stated, because the enterprise grows it should want extra capital which is able to finally profit the shareholders as income improve.
LIC reported a revenue of ₹2,372 crore ($306 million) for the March quarter, down from ₹2,893 crore a 12 months earlier. India’s greatest insurer and largest home monetary investor additionally introduced a dividend of 1.50 rupees per share.
LIC’s internet premium earnings rose 18% to ₹1.44 lakh crore from 1.22 lakh crore a 12 months earlier.
Its solvency ratio, a measure of an insurer’s capability to fulfill its long-term debt obligations, rose to 1.85 from 1.76 a 12 months earlier.
Its 13-month persistency ratio, reflecting the variety of insurance policies being renewed, fell to 69.24% from 73.24%.
Additional LIC maintained an company energy at 1.33 million, a big share of whom are working within the rural areas of the nation, thereby giving it a pan India presence throughout the varied socio financial segments.
LIC made its debut on the inventory exchanges earlier this month.
Supply: Live Mint