Wage Revision Impact Caps LIC Q4 Net Profit at Rs 13,762 Crore
Life Insurance Corporation of India (LIC), the country’s largest insurer, reported a marginal 2.5% increase in standalone profit after tax for the quarter ended March 2024. The profit stood at Rs 13,762 crore, slightly up from Rs 13,427 crore in the same period last year. The impact of wage revision was a significant factor in the modest profit growth. Stacks of coins representing financial profit and loss Despite the flat quarterly profit, LIC’s board recommended a final dividend of Rs 6 per share for FY 2023-24, in addition to the interim dividend of Rs 4 declared earlier in the year. For the fiscal year ending March 31, 2024, LIC's profit after tax was Rs 40,676 crore, up from Rs 36,397 crore in FY2023. This improvement partly resulted from a change in accounting policy regarding the transfer of amounts from non-participating policyholders' accounts to shareholders' accounts, implemented in September 2022. LIC Chairperson Siddhartha Mohanty emphasized the company's s...