The country’s largest life insurer, Life Insurance Corporation of India (LIC), reported a small 2.5% year-on-year increase in standalone profit after tax (PAT) to Rs 13,762 crore for the fourth quarter ended March 2024, constrained by expenses related to wage revisions.
In the corresponding quarter of the previous fiscal, the insurance giant had posted a PAT of Rs 13,427 crore. For the full year (FY) 2024, LIC’s PAT climbed 11% to Rs 40,676 crore from Rs 36,397 crore in FY2023.
The state-owned insurer’s board recommended a final dividend of Rs 6 per share for FY2024, in addition to an interim dividend of Rs 4 per share declared earlier.
LIC saw its total premium income grow marginally to Rs 4,75,070 crore in FY2024 from Rs 4,74,005 crore in the previous fiscal. Its individual new business premium rose 3.5% to Rs 3,03,768 crore. However, the group business premium declined 5.7% to Rs 1,71,302 crore.
The insurer continued leading the life insurance market with an overall 38.44% individual segment share and 72.3% in group insurance based on first year premium collection as per regulatory data.
LIC said the wage revision impact was reflected in the quarterly numbers. Its value of new business grew 5% to Rs 9,583 crore for FY2024, with the solvency ratio strengthening to 1.98 from 1.87 in the previous year.
