Mumbai (Maharashtra) [India], May 31 (ANI): The share price of the state-run Life Insurance Corporation (LIC) of India slumped around 2.5 per cent on Tuesday, a day after the company announced 17.41 per cent decline in its net profit for the quarter ended March 2022.
Trading in LIC shares started sharply down at Rs 811 on the BSE. The scrip slumped to a low of Rs 810 in the morning trade. However, it recovered later in the day rising to a high of Rs 822.
At 1.11 pm, Life Insurance Corporation of India share was trading at Rs 817, which is 2.40 per cent down from its previous day's close at Rs 837.05.
The share price of LIC fell sharply a day after the company's Board of Directors approved the standalone and consolidated financial results for the year and the quarter ended March 31, 2022.
LIC reported a consolidated net profit of Rs 2,409.39 crore for the quarter ended March 20222, down 17.41 per cent from Rs 2,917.33 crore recorded in the corresponding period of the previous year.
For the full financial year 2021-22, the government-run insurer posted net profit of Rs 4,043.12 crore, which is 39.4 per cent higher as compared to Rs 2,900.56 crore recorded in 2020-21.
LIC's total revenue rose by 11.64 per cent year-on-year to Rs 2,11,471 crore in the fourth quarter of the financial year ended March 2022 as compared to Rs 1,89,176 crore in the corresponding quarter of the previous year.
For the year ended March 31, 2022, LIC registered an increase of 6.1 per cent in the Net Premium Income at Rs 4,27,419 crore as compared to Rs 4,02,844 crore in the previous financial year ended March 31, 2021.
The Earnings Per share (EPS) for the financial year 2021-22 was Rs. 6.39 per share. The yield on investments on policyholders funds excluding unrealised gains was 8.55 per cent for period ended March 31st, 2022 as against 8.69 per cent for year ended March 31, 2021.
The Net NPAs in the policyholders fund declined to 0.04 per cent for the year ended March 31, 2022 as compared to 0.05 per cent for the previous year.
Though the year started on a muted note due to the COVID-19 pandemic, LIC was able to increase its marketing activities and ended the year with a significant growth of 18.70 per cent in the quarter of January to March 2022 in Individual first year premium income as compared to the corresponding quarter last year, LIC said in a statement.
LIC registered a growth of 6.31 per cent in Weighted Received Premium (WRP) for the Financial Year ended March 31, 2022. LIC completed 2.17 crore of new policies during the year with a growth of 3.56 per cent over the last year.
The market share of LIC in individual policies was 74.60 per cent for the financial year ended March 31, 2022. In the Group business the market share of LIC during year ended March 31, 2022 was 89.07 per cent by number of policies / schemes and 76.16 per cent by first year premium.
The market share of LIC as at the end of 31st March 2022 was 63.25 per cent in composite First Year Premium income. (ANI)