On Monday, LIC declared a final dividend of Rs 6 per share for the financial year ending March 31, 2024.
The total premium income for the year ending March 31, 2024, was Rs 4,75,070 crore, slightly up from Rs 4,74,005 crore for the previous year.
The individual business premium increased to Rs 3,03,768 crore, compared to Rs 2,92,763 crore the year before.
However, the group business premium income dropped to Rs 1,71,302 crore from Rs 1,81,242 crore in the previous year.
The Value of New Business (VNB) for the year ending March 31, 2024, was Rs 9,583 crore, a 4.66% increase from Rs 9,156 crore the previous year.
Edited by : M Suvarna Sowmya Updated May 29, 2024 | 11:52 PM IST Photo : Shutterstock.com LIC dividend 2024, Q4 results: LIC to pay THIS massive dividend to Govt
The state-run Life Insurance Corporation of India ( LIC ) announced it will distribute a dividend of Rs 3,662 crore to the Government of India , its largest shareholder. On Monday, LIC declared a final dividend of Rs 6 per share for the financial year ending March 31, 2024.
As per ET report, currently, the government holds a 96.50% stake in LIC, amounting to 6,10,36,22,781 shares out of the total 6,32,49,97,701 fully paid-up equity shares.
India's largest life insurer reported a net profit of Rs 13,782 crore for the quarter ending March 31, 2024, reflecting a 4.5% increase from the Rs 13,191 crore reported in the same period last year. The company's board approved a final dividend of Rs 6 per share.
As per ET report, LIC continues to dominate the Indian life insurance market with a First Year Premium Income (FYPI) market share of 58.87%. For the year ending March 31, 2024, LIC held a 38.44% market share in the individual business segment and a 72.30% share in the group business segment.
The total premium income for the year ending March 31, 2024, was Rs 4,75,070 crore, slightly up from Rs 4,74,005 crore for the previous year. The individual business premium increased to Rs 3,03,768 crore, compared to Rs 2,92,763 crore the year before. However, the group business premium income dropped to Rs 1,71,302 crore from Rs 1,81,242 crore in the previous year.
Assets under management (AUM) grew significantly, reaching Rs 51,21,887 crore as of March 2024, up 16.48% from Rs 43,97,205 crore in March 2023.
During the year ending March 31, 2024, LIC sold 2,03,92,973 policies in the individual segment, slightly fewer than the 2,04,28,937 policies sold the previous year.
The Value of New Business (VNB) for the year ending March 31, 2024, was Rs 9,583 crore, a 4.66% increase from Rs 9,156 crore the previous year. The net VNB margin also improved, rising to 16.80% from 16.20% the year before.
