In its first earnings launch put up the itemizing, state-run insurance coverage behemoth Life Insurance coverage Company Ltd. posted standalone web revenue of ₹2,371 crore within the three months to March, down 18% over final 12 months.
The Board has really helpful dividend of ₹1.50 per fairness share.
The corporate’s web premium revenue in the course of the quarter rose 18% to ₹1.43 lakh crore.
Earlier in the course of the day, forward of the outcomes announcement, LIC’s scrip closed 1.81% greater at ₹836.50 on NSE.
LIC shares are down greater than 15% from its IPO situation worth. LIC made its inventory market debut earlier this month on Might 17, 2022.
LIC IPO, India’s largest until date, had closed with practically 3 occasions subscription, predominantly lapped up by retail and institutional patrons, however overseas investor participation remained muted. The federal government offered over 22.13 crore shares or a 3.5% stake in LIC by means of the preliminary share sale.
Its solvency ratio, a measure of an insurer’s capacity to fulfill its long-term debt obligations, rose to 1.85 from 1.76 a 12 months earlier.
LIC’s 13-month persistency ratio, reflecting the variety of insurance policies being renewed. fell to 69.24% from 73.24%.
Supply: Live Mint