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Published: May 25, 2023
Updated: May 25, 2023

LIC Reports Astonishing 447.5% Growth in Q4 Consolidated PAT, Declares Dividend

Life Insurance Corporation of India (LIC), the largest life insurer in India, has delivered impressive financial results for the fourth quarter of FY23. With a remarkable 447.5% growth in consolidated Profit After Tax (PAT), LIC's performance exceeded expectations. The company has also announced a final dividend for the fiscal year 2022-23.

Strong Bottom-line Performance:

LIC's consolidated PAT for Q4 FY23 reached ₹13,190.79 crore, representing a staggering 447.47% YoY growth. This substantial increase in profitability showcases the company's resilience and effectiveness in navigating market challenges.

Top-line Performance and Premium Income:

Despite a slight decline in consolidated net premium income for Q4 FY23 compared to the previous fiscal, LIC observed a robust 17.7% growth from Q3 FY23. This demonstrates the company's ability to adapt and maintain steady performance amidst changing market dynamics.

Dividend Declaration and Recognition:

In recognition of its strong financial performance, LIC's board of directors recommended a dividend of ₹3 per equity share for FY23. This decision reflects the company's commitment to providing value to its shareholders and rewards them for their continued support.

Fiscal Year Performance and Achievements:

LIC's total premium income for FY23 amounted to ₹4,74,005 crore, reflecting a YoY growth of 10.90%. This achievement solidifies LIC's position as a market leader in terms of premium income and highlights its ability to attract and serve a large customer base.

Enhanced Value and Strong Asset Management:

LIC's Value of New Business (VNB) for FY23 exhibited a robust increase of 16.46%, reaching ₹11,553 crore. This growth underscores the company's focus on generating value for its customers through innovative products and services. Additionally, LIC's asset under management (AUM) experienced a notable increase, further solidifying its financial strength.

LIC's impressive financial performance in Q4 FY23, with remarkable growth in consolidated PAT and premium income, showcases the company's resilience and strategic capabilities. The dividend declaration and recognition highlight LIC's commitment to rewarding its shareholders. With enhanced value offerings and strong asset management, LIC is well- positioned to continue its growth trajectory and deliver superior value to all stakeholders.