LIC Q4 profitability impacted due to higher provisions for arrears, benefits, PAT up 2.5% to ₹13,763 crore
The Hindu
LIC's Q4 net profit up 2.49% to ₹13,763 crore, FY PAT at ₹40,916 crore, aiming for double-digit growth in FY25.
Life Insurance Corporation of India (LIC) reported fourth quarter standalone net profit grew marginally by 2.49% to ₹13,763 crore as compared with ₹13,428 crore in the year ago period due to impact of sharply higher employee remuneration and welfare expenses.
During the quarter the corporation earmarked ₹13,750 crore towards employee remuneration and welfare as compared with ₹10,381 crore in the same period last year.
For the full year it had allocated ₹39,584 crore towards this head as compared with ₹40,094 crore in the previous year.
LIC’s net premium income for the quarter increased to ₹152,293 crore as compared with ₹131,761 crore in the year ago period. Income from investments during the quarter also increased to ₹84,425 crore as compared with ₹67,847 crore in the same period last year.
For FY24 the corporation reported net profit of ₹40,676 crore as compared with ₹36,397 crore in the previous year, up 11.75%.
LIC had changed its accounting policy in September, 2022 regarding transfer of amount pertaining to the accretion on the available solvency margin from Non-Participating Policyholders account to Shareholders account and accordingly transferred total amount of ₹29,518.75 crore (net of tax) in the financial year 2023-24 compared to ₹27,240.75 crore in the FY2022-23, which included an amount of ₹4,542.31 crore pertaining to the quarter ended March 31, 2022.
The Board has recommended a final dividend of ₹6 per share for FY24.
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