Insurance major Life Insurance Corporation of India (LIC) reported a consolidated net profit for the fourth quarter that ended March 2023 that grew over five times to Rs 13,191 crore.
The insurance company posted a profit of Rs 2,409 crore in the same quarter last year. However, LIC said in a regulatory filing that the interim dividend 2023
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LIC said that for the financial year 2022-2023, the board of directors of Life Insurance Corporation of India has recommended a final dividend of Rs 3 per share with a par value of Rs 10 for the financial year ending March 31, 2023.
“The board has recommended a dividend of Rs 3 crore per share, amounting to a dividend payout of Rs 1,897 crore,” LIC said in a BSE filing.
LIC interim dividend 2023 record date
LIC has fixed July 21, 2023, as the cut-off date for payment of the interim dividend. LIC’s 2023 AGM will be held on August 22, following which LIC will pay the final dividend for FY23.
LIC stated that in terms of market share as measured by first-year premium income (FYPI) (as per IRDAI), LIC has maintained its leadership position in the Indian life insurance business with a 62.58% market share for FY2022-23. Also (as per IRDAI) the total FYPI for LIC has increased by 16.67% from Rs 1.98 lakh crore in FY2022 to Rs 2.32 lakh crore in FY2023.
The Profit After Tax (PAT) for the year ended March 31, 2023, was Rs.36,397.40 crore as compared to Rs.4,043.12 crore for the year ended March 31, 2022. LIC said in a BSE submission that the profit for the financial year 2022-23 includes an amount of Rs 27,240.75 crore (net of tax) related to an increase in available solvency margin transferred from non-pen fund to shareholder account.