LIC, India's largest life insurer, reported its financial results for the fiscal year ending March 31, 2024 (FY24).
Key Highlights:
Net Profit: ₹40,676 crore (compared to ₹36,397 crore in FY23), a growth of 11.74% YoY.
Bonus to Participating Policyholders: ₹52,956 crore
Dividend: Board recommended a final dividend of ₹6 per share, in addition to the ₹4 interim dividend already paid.
Non-Par APE (Annualized Premium Equivalent) Share: Grew by 943 bps to 18.32% within the individual business.
Non-Par APE: Increased by 104.94% to ₹7,041 crore.
Additional Points:
Growth Drivers: The increase in net profit was driven by higher income from renewal premiums, better income from investment activities, and a slight increase in the value of new business (VNB).
Strong Market Share: LIC maintained a dominant market share of 38.44% in the individual business and 72.30% in the group business for the year ended March 31, 2024.
Assets Under Management (AUM): The company's AUM stood at ₹51.28 trillion, up 16.62% from ₹43.97 trillion a year ago.
For further information and analysis, you can refer to the following resources:
LIC's official website: https://licindia.in/quarterly-results
Mint News Article: https://www.livemint.com/companies/company-results/lic-q4-results-net-profit-rises-4-5-to-13-782-crore-declares-dividend-of-6-per-share-11716818475272.html
ICICI Direct Analysis: https://www.icicidirect.com/research/equity/rapid-results/life-insurance-corporation-of-india
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