Excelsior Correspondent
JAMMU, May 27 : The Life Insurance Corporation of India (LIC) announced the fourth quarter results ended March 2024 here today.
The results were shared by Siddhartha Mohanty, Chairperson, LIC in the presence of Board of Directors of LIC.
Speaking on the occasion, Siddhartha Mohanty, Chairperson, LIC said, “During the last year we have focused on directional changes in our product mix and enhancing margins in the business. We have more than doubled our share of Non-par business within our Individual business. Now we intend to focus our strategic interventions to maximize our market share across categories. At the same time, our sharp focus on various parameters which create superior value for all stakeholders shall continue, as demonstrated. There are key initiatives related to distribution channel and digital transformation underway. We are confident that our employees, agents and our channel partners are fully committed to achieving these objectives. We look forward to this current year as the one in which our topline growth trajectory will be back in focus.”
“The Profit After Tax (PAT) for the year ended March 31st 2024 was Rs. 40,676 crore as compared to Rs. 36,397 crore for the year ended March 31st 2023,” he said.
The Board of Directors recommended a final dividend of Rs 6 per share for the financial year 2023-24 subject to approval of shareholders.
In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader by market share in Indian life insurance business with overall market share of 58.87%.
For the year ended March 31st 2024, LIC had a market share of 38.44% in Individual business and 72.30% in the Group business.
The Total Premium Income for year ended March 31st 2024 was Rs. 4,75,070 crore as compared to Rs. 4,74,005 crore for the year ended March 31st 2023.
The Total Individual Business Premium for the year ended March 31st 2024 increased to Rs. 3,03,768 crore from Rs. 2,92,763 crore for the comparable period of previous year.
The Group Business total premium income for year ended March 31st 2024 was Rs. 1,71,302 crores as compared to Rs 1,81,242 crore for the year ended March 31st 2023.
A total of 2,03,92,973 policies were sold in the individual segment during the year ended March 31st, 2024 as compared to 2,04,28,937 policies sold during the year ended March 31st, 2023.
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