Mumbai. May 27th. 2024: The Board of Directors of Life Insurance Corporation of India (..LIC”) approved and adopted the standalone and consolidated financial results for the year ending March 31″, 2024. Below are the key highlights of our standalone results.
The Profit after Tax (PAT) for the year ended March 31′ 2024 was Rs. 40,676 crore as compared to Rs. 36,397 crore for the year ended March 31′ 2023. The Corporation had changed its accounting policy in September, 2022 regarding transfer of amount pertaining to the accretion on the available solvency margin from Non-Participating Policy holders account to Share holders account and accordingly transferred total amount of Rs. 29.518.75 crore (net of tax) in the financial year 2023-24 compared to Rs. 27,240.75 crore in the FY2022-23, which included an amount of Rs. 4,542.31 crore pertaining to the quarter ended March 31, 2022
The Board of Directors recommended a final dividend of Rs. 6/- per share for the financial year 2023-24 subject to approval of share holders. Earlier, during the year an interim dividend of Rs. 4/- was declared and paid to share holders of the corporation. Therefore the total of interim and recommend. final dividend aggregates to Rs. 10/- per share.
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.
