Government to receive ₹3,662 Crore dividend from LIC

28 May 2024 , 10:09 AM

The Government of India will receive ₹3,662 Crore as dividend from its stake in Life Insurance Corporation (LIC) of India. LIC declared an interim dividend of ₹6 per share on May 27. The government holds  96.5% stake in LIC, amounting to 6,10,36,22,781 shares.

LIC reported a 2.5% year-on-year increase in net profit for Q4 FY24, reaching ₹13,762 Crore, up from ₹13,421 Crore in the previous year. Asset quality improved in Q4 FY24, with gross non-performing assets (GNPA) decreasing to 2.01% from 2.56% the previous year.

The value of new business (VNB) rose by 4.66% to ₹9,583 Crore, and the VNB margin increased by 60 basis points to 16.8%. The non-par Annualized Premium Equivalent (APE) share in the individual business grew by 9.43% to 18.32%. Non-Par APE increased by 105%, from ₹3,436 Crore in FY23 to ₹7,041 Crore in FY24. The non-par share of individual business on an APE basis grew from 8.89% in FY23 to 18% in FY24.

LIC sold 2.03 Crore policies in the individual segment in FY24, slightly down from 2.04 Crore policies in FY23.

Assets under management (AUM) increased by 16.48% year-on-year, reaching ₹51.21 lakh Crore as of March 2024, compared to ₹43.97 lakh Crore as of March 31, 2023.

The solvency ratio improved to 1.98% from 1.87% last year.

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