LIC Q3 Results: Profit zooms 49% YoY to Rs 9,444 crore; dividend declared at Rs 4/share

State-owned Life Insurance Corp (LIC) on Thursday reported a standalone net profit of Rs 9,444 crore for the quarter ended December 2023. The profit was up 49% from Rs 6,334 crore posted in the last year quarter.

The net premium income for the third quarter rose 5% year-on-year to Rs 1.17 lakh crore, compared with Rs 1.11 lakh crore in the corresponding quarter of the previous year.

The Board has also declared an interim dividend of Rs 4 per share for the financial year 2023-24. Further, the record date for the same is fixed on February 21.


The said interim dividend will be paid within 30 days from the date of declaration.


In terms of market share measured by first year premium income, LIC continues to be the leader in Indian life insurance business with overall market share of 58.90%.

Solvency ratio during the third quarter improved to 1.93%, as against 1.9% in the preceding September quarter and 1.85% a year earlier.

The 13th month persistency ratio came in at 70.89% in the reporting third quarter, compared with 71.19% in the second quarter and 70.94% in the year-ago quarter.

The yield on investments on policyholders' funds (with unrealised gains) stood at 21.24% in the October-December 2023 period.

For the nine months ended December 2023, LIC reported net profit of Rs 26,913 crore, up from Rs 22,969 crore in the corresponding nine months of previous fiscal.

The total individual business premium for the 9MFY24 period increased to Rs 2.09 lakh crore from Rs 2 lakh crore in the comparable period of last year.

On an annualized premium equivalent (APE) basis, the total premium was Rs 35,790 crore for the nine months' period ended December 2023. Of this 65.67% (Rs 23,503 crore) was accounted for by the individual business and 34.33% (Rs 12,287 crore) by the group business.

The Value of New Business (VNB) grew 8% year-on-year to Rs 5,938 crore in 9MFY24 period.

The assets under management (AUM) increased to Rs 49.66 lakh crore as of December 2023, compared to Rs 44.34 lakh crore as of December 2022, registering an increase of 12% year-on-year.

On Thursday, ahead of the results announcement, LIC shares closed 6.47% higher at Rs 1,112 on NSE.