Insurance 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.
This is the first-ever quarterly results of LIC after being listed on bourses earlier this month.
The whole revenue of the insurer through the March quarter elevated to ₹2,12,230.41 crore, from ₹1,90,098 crore in the identical interval of the earlier fiscal, LIC stated in a regulatory submitting.
LIC’s revenue from first-year premium rose to ₹14,663.19 crore as in opposition to ₹11,053.34 crore in the identical quarter earlier fiscal.
The revenue from renewal premium rose 5.37% to ₹71,472.74 crore, whereas from single premium elevated by 33.70% to ₹58,250.91 crore through the quarter.
For the complete 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 beneficial 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% increased on the BSE.
Earlier this month, the federal government raised ₹20,557 crore by diluting its 3.5% stake within the LIC by way of 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 difficulty value of ₹949 a share.
The authorities offered over 22.13 crore shares or a 3.5% stake in LIC by way of the IPO. The value band of the difficulty was ₹902-949 a share. However, shares have been allotted to traders on May 12 on the higher finish of the worth band.