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Life Insurance company Life Insurance Corporation of India announced FY24 results:
- Profit After Tax at Rs 40,676 crore
- Bonus to participating policyholders at Rs 52,956 crore
- Board recommends final dividend of Rs 6/- Per Share, in addition to Rs 4/- interim dividend declared earlier
- Non-Par APE share within Individual business grows by 943 bps to 18.32%.
- Non-Par APE increased by 104.94% to Rs 7,041 crore
- Indian Embedded Value (IEV) increases by 24.92% to Rs 7,27,344 crore
- AUM increased by 16.48% to Rs 51,21,887 crore
- Value of New Business (VNB) increased by 4.66% to Rs 9,583 crore.
- VNB Margin (Net) increased by 60 bps to 16.8%
- Solvency Ratio increased to 1.98 from 1.87
- The Board of Directors recommended a final dividend of Rs 6/- per share for the financial year 2023-24 subject to approval of shareholders. Earlier, during the year an interim dividend of Rs 4/- was declared and paid to shareholders of the corporation. Therefore the total of interim and recommended final dividend aggregates to Rs 10/- per share.
Shri Siddhartha Mohanty, Chairperson, LIC said – “During the last year we have focused on directional changes in our product mix and enhancing margins in the business. We have more than doubled our share of Non-par business within our Individual business. Now we intend to focus our strategic interventions to maximize our market share across categories. At the same time, our sharp focus on various parameters which create superior value for all stakeholders shall continue, as demonstrated. There are key initiatives related to distribution channel and digital transformation underway. We are confident that our employees, agents and our channel partners are fully committed to achieving these objectives. We look forward to this current year as the one in which our topline growth trajectory will be back in focus.”
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