Life Insurance Corporation of India said its consolidated net profits for the quarter ended March stood at Rs 2,409.39 crore, down 17.41 per cent compared to Rs 2,917.33 crore in the same quarter last year.
Net premium income stood at Rs 1,44,158.84 crore, up 17.88 per cent from Rs 1,22,290.64 crore in the corresponding quarter year ago. This is the first earnings statement from the insurance behemoth after getting listed on the bourses.
India’s largest insurer also announced a dividend of Rs 1.50 per share, it said in a regulatory filing.
The company’s income from investments came in at Rs 67,855.59 crore, almost flat compared to 67,684.27 crore in the year-ago quarter.
The 13th-month persistency ratio stood at 69.24 per cent compared to 73.94 per cent in Q4 of last year. Similarly, the 25th-month ratio was at 68.23 per cent versus 62.73 per cent and the 61st-month ratio at 55.61 per cent compared to 54.43 per cent.
The company said its income from first year premium increased 32.65 per cent to Rs 14,663.19 crore, from renewal premium 5.37 per cent to Rs 71,472.74.05 crore and from single premium up 33.70 per cent to Rs 58,250.91 crore.
