LIC Q3 Results: PSU life insurance giant's net profit jumps 49% to Rs 9,444 crore

LIC Q3 Results: Life Insurance Corporation of India (LIC), the country's biggest PSU in terms of market capitalisation, on Thursday reported a 49.1 per cent year-on-year jump in standalone profit after tax to Rs 9,444.4 crore for the quarter ended December 31, 2023.

The state-run insurance giant's net premium income grew 4.7 per cent to Rs 1.17 lakh crore for the fiscal third quarter, according to a regulatory filing.

LIC's solvency ratio, a key metric that gues a business's ability to meet its long-term financial obligations, improved to 193 per cent from 185 per cent a year ago.

Life Insurance Corporation's value of new business (VNB) margin improved by 200 basis points to 16.6 per cent for the quarter under review. 

LIC's VNB margin has improved in contrast to the sector, which is witnessing a decline in the metric, according to Zee Business research. 

LIC interim dividend

The company announced an interim dividend of Rs 4, or 40 per cent, per equity share of the face value of Rs 10 each. 

The LIC board had earlier fixed February 21 as the record date for the payment of any such interim dividend.

"The said interim dividend will be paid within 30 days from the date of declaration," the company said.

LIC share price 

LIC's stock ended up 5.9 per cent at Rs 1,106.3 apiece on BSE ahead of the earnings announcement.