Life Insurance Corporation of India’s profit in the fourth quarter (January-March) of FY 2024 has increased by 2.5% on an annual basis (YoY) to Rs 13,762 crore. The company’s standalone net profit was Rs 13,427 crore in the same quarter a year ago. The company has announced a final dividend of ₹ 6 per share for FY 2024. Companies give a part of the profit to their shareholders, it is called dividend. LIC released its fourth quarter and annual results today i.e. on 27 May. LIC gave 71.46% return in the last one year. LIC’s stock closed 0.77% higher at Rs 1,037 today. It has given a return of 71.46% in the last one year. LIC shares were listed in the market on 17 May 2022. Its issue price was Rs 949 per share. At the same time, it was listed at Rs 867. The company’s profit increased by 11.75% in FY 2024 LIC’s profit increased by 11.75% to ₹ 40,675.79 crores for the entire financial year 2024. The profit in FY 2023 was ₹ 36,397.39 crores. LIC market leader with a share of 58.87% The company’s filing said that in first year premium income (FYPI), LIC remains the leader with an overall market share of 58.87%. For the year ended March 31, 2024, LIC’s market share in individual business was 38.44% and 72.30% in group business. 2.03 crore policies sold in individual segment LIC sold 2.03 crore policies in the individual segment in FY 2024. A year ago, i.e. in the financial year 2023, the company had sold 2.04 crore policies. At the same time, the asset under management of the company increased by 16.48% from Rs 43.97 lakh crore to Rs 51.21 lakh crore. LIC was formed in 1956 by merging 245 companies. By 1956, 154 Indian insurance companies, 16 foreign companies and 75 provident companies were operating in India. On 1 September 1956, the government nationalized all these 245 companies and started the Life Insurance Corporation of India, i.e. LIC. The government had issued five crore rupees to it at that time. In 1956, LIC had 5 zonal offices, 33 divisional offices, 212 branch offices and one corporate office. The company did a business of 200 crores in just one year. A major reason behind this trust was the government guarantee.
