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Government insurance company LIC has made huge profits in the last quarter of the financial year ending March 2023 (LIC March Quarter Results). During this, an increase of about 5 times was seen in the company’s profit (LIC Profit). However, on the other hand, the company has suffered a setback on the earnings front. During this, there has been a decline in the net income of the company.
Bumper increase in LIC’s profits
The government insurance company released the financial results of the last quarter of the last financial year late in the evening on Wednesday. On a standalone basis, the company’s net profit in the March quarter stood at Rs 13,428 crore. This is 466 percent more than the Rs 2,371 crore in the year-ago i.e. March 2022 quarter. Similarly, the consolidated net profit of the company increased more than five times to Rs 13,191 crore during the quarter under review. Due to this, the company had a net profit of Rs 2,409 crore on an integrated basis in the same quarter of the previous financial year.
Net income decreased so much
Life Insurance Corporation of India said that its total income on an integrated basis declined to Rs 2,01,022 crore in the March quarter from Rs 2,15,487 crore in the same quarter of the previous financial year. LIC’s first year premium income also declined from Rs 14,663 crore in March 2022 quarter to Rs 12,852 crore in March 2023. Net premium income on a standalone basis also fell by 8 per cent to Rs 1.31 lakh crore as against Rs 1.43 lakh crore during this period.
increased investment income
The company has benefited in terms of investment income. During January to March 2023, LIC earned Rs 67,846 crore as return from investment, compared to Rs 67,498 crore in the same three months a year ago. During this, net commission increased by 5 percent to Rs 8,428 crore.
Increased profit for the whole year
Even for the entire financial year, the profit of LIC has increased manifold. In the entire financial year 2022-23, the company’s integrated net profit increased to Rs 35,997 crore, which was only Rs 4,125 crore in 2021-22.
Board recommended dividend
The board of directors of LIC has recommended a final dividend of Rs 3 per share of face value of Rs 10 for 2022-23. LIC’s stock closed at Rs 593.55 on BSE on Wednesday, up 0.61 per cent.
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