Life Insurance Corporation of India (LIC) shares slumped 2.30% to Rs 817.80 after the state-run life insurer reported an 18% year-on-year drop in standalone net profit to Rs 2,372 crore in Q4 FY22.

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At the same time last year, the corporation declared a net profit of Rs 2,893 crore. Benefits Paid (net) rose by 19% to Rs 1,21,949 crore during the review period compared to the same period the previous year.

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The company wrote back Rs 1,085 crore in doubtful debt provisions during the quarter ended March 31, 2022. In Q4 FY21, it set aside Rs 9,382 for doubtful debts.

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In the fourth quarter, net premium income grew 18% to Rs 1,43,746 crore, up from Rs 121,626 crore the preceding year. Investment income remained constant at Rs 67,498 crore.

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LIC’s first-year premium was Rs 14,614 crore (up 33% year on year), renewal premium was Rs 71,158 crore (up 5% year on year), and single premium was Rs 58,198 crore in the January-March 2022 quarter (up 34% YoY).

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Gross non-performing assets fell to 6.03% of total assets on March 31, 2022, down from 7.78% on March 31, 2021. LIC’s standalone net profit increased by 39% to Rs 4,043 crore for the fiscal year ending March 31, 2022, from Rs 2,901 crore in the same period the previous year. 

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The life insurer’s board has recommended a first dividend of Rs 1.50 per equity share for fiscal 2021-22. LIC has provided life insurance in India for over 65 years and is the nation’s major life insurer. 

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LIC shares debuted on the stock exchanges on May 17, 2022. The stock was listed for Rs 867.20, an 8.62% discount from the issue price of Rs 949. The stock is presently selling 13.8% lower than its IPO price.