LIC shares plunge on lower Q4 profit
- ByStartupStory | May 31, 2022
The life insurance company posted a 17% decline in the consolidated net profit for the fourth quarter dipping the shares over 3%. The stock declined to ₹810 i.e 3.23% on the BSE against Rs 837.05.It tanked 3.31% to ₹810 at the NSE.
Insurance behemoth had earned a profit of ₹ 2917 crore in the same quarter a year ago and has now witnessed a 17% decline to ₹ 2,409 in this fourth quarter. The income increased to Rs 2,12,230.41 crore, from Rs 1,90,098 crore previous year in the same quarter.The first year premium saw a rise from ₹11,053.34 to ₹14,663.19 crore in from the same quarter previous fiscal. The stock last traded 2.3% lower.
Founded on 1st September 1956 and is headquartered in Mumbai, India. It was created after Parliament of India passed the life insurance of India act. Its debut on the bourses marked India’s largest ever initial public offering(IPO)earlier this month.
The persistency 13 month ratio declined from 73.94% from previous Q4 year to 69.24% , the 25 month ratio also at 68.23% previous year and declined to 62.73% likewise with 61 month ratio which fell from 55.61% to 54.43%.
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