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HomeBusiness NewsLIC This fall revenue drops 17% to ₹2,409 cr.

LIC This fall revenue drops 17% to ₹2,409 cr.

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Insurance coverage behemoth LIC on Monday posted a 17% decline in consolidated internet revenue to ₹2,409 crore for the fourth quarter ended March 2022.

The insurer had earned a revenue of ₹2,917 crore in the identical quarter a 12 months earlier.

That is the first-ever quarterly results of LIC after being listed on bourses earlier this month.

The full earnings of the insurer throughout the March quarter elevated to ₹2,12,230.41 crore, from ₹1,90,098 crore in the identical interval of the earlier fiscal, LIC mentioned in a regulatory submitting.

LIC’s earnings from first-year premium rose to ₹14,663.19 crore as towards ₹11,053.34 crore in the identical quarter earlier fiscal.

The earnings from renewal premium rose 5.37% to ₹71,472.74 crore, whereas from single premium elevated by 33.70% to ₹58,250.91 crore throughout the quarter.

For your entire monetary 12 months 2021-22, LIC reported a 38% rise in revenue at ₹4,124.70 crore, from ₹2,974.13 crore within the earlier monetary 12 months.

The board of LIC has really helpful a dividend of ₹1.50 per fairness share with a face worth of ₹10 every for the 12 months ended March 31, 2022.

Shares of the LIC closed at ₹837.05 or 1.89% greater on the BSE.

Earlier this month, the federal government raised ₹20,557 crore by diluting its 3.5% stake within the LIC by the preliminary public providing (IPO), the nation’s largest ever.

LIC shares have been listed at a reduction of  8.62% at ₹867.20 apiece on BSE over the problem worth of ₹949 a share.

The federal government offered over 22.13 crore shares or a 3.5% stake in LIC by the IPO. The worth band of the problem was ₹902-949 a share. Nonetheless, shares have been allotted to buyers on Might 12 on the higher finish of the value band.

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