Marvellous performance: This insurance giant reports multi-fold returns in its net profit!

Board has recommended a final dividend of Rs 3 per share for FY23.

Life Insurance Corporation of India recorded a consolidated net profit of Rs 11,162.89 crore Q4FY23, growing 2447 per cent over the corresponding period in the last fiscal. On a sequential basis, net sales of the company increased by 17.74 per cent to Rs 1,32,223.21 crore as compared to Rs 1,12,296.70 crore and decreased by 8.28 per cent YoY. 

LIC’s solvency ratio in Q4FY23 was at 1.87x, which came in higher compared to 1.85x in Q4FY22 as well as Q3FY23. The company said its board has recommended a final dividend of Rs 3 per share FY23, translating to a dividend payout of Rs 1,897 crore. 

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Life Insurance Corporation of India is been providing life insurance in India for many years and is the largest life insurer in India. It has a wide, diversified product line that includes both standalone products and group products, serving a variety of market segments. Individual products include (a) savings insurance products (b) term insurance products (c) health insurance products (d) annuity and pension products (e) unit-linked insurance products. 

Today, the share of LIC opened at Rs 604 and has touched a high and low of Rs 615.65 and Rs 604, respectively. So far 57,278 shares have been traded on the bourses.       

At the time of writing, the shares of LIC were trading at Rs 607, an increase of 2.38 per cent from the previous day’s closing price of Rs 593.55 on BSE. The stock has a 52-week high and low of Rs 841 and Rs 530.30 respectively on BSE.