LIC Profit Surges to Rs 26,913 Crore in 9-Month Period, Declares Interim Dividend

2024-02-10 18:39:00

CHENNAI: LIC posted a profit of Rs 26,913 crore for the nine months ended December 2023. LIC The company posted a profit after tax of Rs.26,913 crore for the period ended 31.12.2023. Accordingly, an interim dividend of Rs.4 per share has been declared to the shareholders. Value of New Business (VNB) increased by 8.40 percent to Rs 5,938 crore.

Also, non-profit annual premium increased by 49.08 per cent to Rs 3,299 crore. The non-profit contribution annual premium in individual business has increased to 14.04 per cent. The gross profit margin of the new business stands at 16.6 percent. Assets under management (AUM) increased by 11.98 percent to Rs 49,66,371 crore during the period up to 31.12.2023. As on 31.12.2023, it continues to be the number one with a market share of 58.90 percent on the basis of first premium income. Apart from this, the per capita premium income rose to Rs.2,09,719 crores.

In this regard, LIC Company Chairman Siddhartha Mohanty said: “With consistent and continuous approach of LIC, we have made progress in diversifying projects. New business, which does not share profits, has increased by 14.04 percent in the last 9 months. New business gross profit margin increased to 16.6 percent due to continuous efforts. We strive to ensure that every activity of LIC adds value to all stakeholders.

We are committed to designing new schemes to meet the evolving needs of LIC customers. Also, we will offer schemes and policy services with the participation of LIC employees, agents and all parties. We believe that the digital transformations introduced by LIC will bring about significant improvements in our business processes. This is what he said.

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