The corporation reported a net profit of Rs 2,893 crore in the same period last year.

Benefits Paid (net) during the period under review increased by 19% to Rs 1,21,949 crore as compared with the same period last year.

During the quarter ended on 31 March 2022, the corporation wrote-back doubtful debts provisions aggregating to Rs 1,085 crore. It had made a provision of Rs 9,382 for doubtful debts in Q4 FY21.

Net premium income increased 18% to Rs 1,43,746 crore in the fourth quarter from Rs 121,626 crore in the same period last year. Income from investments remained flat at Rs 67,498 crore.

In January-March 2022 quarter, LIC's first year premium was Rs 14,614 crore (up 33% YoY), renewal premium was Rs 71,158 crore (up 5% YoY) and single premium was Rs 58,198 crore (up 34% YoY).

Goss non-performing assets reduced to 6.03% of total assets as on 31 March 2022 from 7.78% as on 31 March 2021.

For the financial year ended on 31 March 2022, LIC's standalone net profit rose by 39% to Rs 4,043 crore from Rs 2,901 crore recorded in the same period last year. Total income rose by 6% to Rs 7,21,103 crore in FY22 over FY21.

The corporation's profitability in FY22 was boosted by a Rs 1,299 crore provision write-back. It had made a provision of Rs 8,959 crore for doubtful debts in FY21.

For the year ended 31 March 2022, the persistency ratios for the 13th month, 25th month, 37th month, 49th month and 61st month were 75.59%, 73.47%, 66.58%, 63.85% and 61%, respectively.

The solvency ratio for the year ended 31 March 2022 was 1.85 as against 1.76 for the period ended 31 March 2021.

The board of the life insurer has recommended a maiden dividend of Rs 1.50 per equity share for the fiscal 2021-22.

LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country. The market share of LIC in individual policies was 74.60% for the financial year ended 31 March 2022. In the Group business, the market share of LIC during year ended 31 March 2022 was 89.07% by number of policies / schemes and 76.16% by first year premium. The market share of LIC as at the end of 31 March 2022 was 63.25% in composite first year premium income.

Shares of LIC debuted on the bourses on 17 May 2022. The scrip was listed at Rs 867.20, representing an 8.62% discount to the issue price of Rs 949.

The stock is currently trading 13.8% lower as compared to its issue price.