Insurance giant Life Insurance Corporation of India (LIC)
reported an 18% decline in standalone net profit at Rs 2,372 crore for the
January-March quarter of fiscal 2022. The company had reported a net profit of
Rs 2,898.43 crore in the year-ago period. However, the company’s net profit for
the full year surged 39.4% to Rs 4,043.12 crore from Rs 2,900.56 crore in the
previous financial year.

LIC’s net premium income increased 17.88% to Rs 1.44 lakh
crore in the March quarter from Rs 1.22 lakh crore in the same quarter of the
previous financial year.

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Its income from the first year premium rose to Rs
14,663.19 crore in the March quarter, up from 32.65% year on year. From renewal
premium, the income rose 5.37% to Rs 71,472.74 crore, and through single
premium, it increased by 33.70% to Rs 58,250.91 crore.

On a consolidated basis, the net profit of the insurer
was down 17% year on year (YoY) at Rs 2,409 crore in March 2022 quarter as
against Rs 2,917 crore in the year-ago period.

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LIC’s 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.

The 13-month persistency ratio – a key metric to access
the flow of renewal premiums from policyholders – stood at 69.24% at the end of
fiscal 2022, as compared to 73.94% in the year-ago period.

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This is the first quarter financial results announcement
after the insurance behemoth announced its mega Rs 21,000 crore initial public
offering (IPO) on May 4 at a price band between Rs 902-949 per equity share,
and listed on stock exchanges on May 17.

The company board has also recommended a dividend of Rs
1.50 per equity share with a face value of Rs 10 each for the year ended March
31, 2022, subject to the approval of the shareholders in the annual general
meeting.

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Ahead of the results announcement, LIC’s shares closed
1.81% at Rs 836.50 on NSE.