MUMBAI: Life Insurance Corporation of India (LIC) reported a profit of Rs 2,372 crore ($306 million) for the March quarter, down from Rs 2,893 crore a year earlier.
India’s biggest insurer and largest domestic financial investor also announced a dividend of Rs 1.50 per share with a face value of Rs 10 each, it said in a regulatory filing on Monday.
LIC’s net premium income rose to Rs 1.44 lakh crore from Rs 1.22 lakh crore a year earlier.
Its solvency ratio, a measure of an insurer’s ability to meet its long-term debt obligations, rose to 1.85 from 1.76 a year earlier.
Its 13-month persistency ratio reflecting the number of policies being renewed fell to 69.24% from 73.24%.
LIC made its debut on the stock exchanges earlier this month. As of Monday’s close, the stock was down 11.7% from their offer price of Rs 949 per share.
The government sold a 3.5% stake and raised roughly Rs 20,500 crore from India’s largest IPO.