LIC Q4 Result 2024: Revenue up by 25% while PAT up by 4.48% on a YOY basis

Life Insurance Corporation (LIC) announced Q4 FY2024 Results, revenue up by 25% while PAT up by 4.48% on a YOY basis

Synopsis:

Life Insurance Corporation Limited (LIC) announced its quarterly results for March 2024 on 27th May after market hours. It reported a consolidated PAT of ₹ 13781.59 cr for Q4 FY2024. Its consolidated total revenue for Q4 FY2024 increased by 25.26% on a YOY basis reaching ₹ 251,790.11 cr. The company also declared a dividend of ₹ 6 per share. LIC sold 2,03,92,973 policies in the individual segment in FY2024.

Quarter result performance

The company’s consolidated total revenue for Q4 FY2024 was down by 25.26% on a YOY basis, reaching ₹ 251,790.11 cr from ₹ 201,021.88 cr in Q4 FY2023. The quarterly consolidated revenue was up by 18.12%. LIC reported a consolidated PAT of ₹ 13,781.59 cr for Q4 FY2024 against ₹13,190.79 cr in Q4 FY2023, which is an increase of 4.48%. On a quarterly basis, the consolidated PAT was up by 45.54%.

For the full financial year ending in March 2024, the consolidated PAT stood at ₹ 40,915.85 cr compared to ₹ 35,996.65 cr in FY 2023, up by 13.67%. For FY 2024, its consolidated total revenue stood at ₹ 856,950.52 cr compared to ₹ 791,234.48 cr in FY 2023.

LIC also declared a final dividend of ₹6 per share. Previously, it had declared a ₹4 per share interim dividend. LIC’s market share in terms of  First Year Premium Income (FYPI was 58.87% for FY24, leading the highest share. In terms of individuals and group business, the market share was 38.44% and 72.30%, respectively.

The company’s Total Premium Income stood at ₹ 4,75,070 cr in FY2024 from ₹ 4,74,005 cr in FY2023. In terms of the Total Individual Business Premium and Group Business total premium income, the numbers were ₹ 3,03,768 cr and ₹ 1,71,302 cr, respectively for FY2024. Additionally, The Value of New Business (VNB) was ₹ 9,583 crore up from ₹ 9,156 cr in FY 2023.

In terms of the Assets Under Management (AUM), LIC stood at ₹ 51,21,887 cr in FY20 against ₹ 43,97,205 cr in FY2023, up by 16.48% on a YOY basis. 

Commenting on the results, Shri Siddhartha Mohanty, Chairperson, LIC said, “During the last year we have focused on directional changes in our product mix and enhancing margins in the business. We have more than doubled our share of Non-par business within our Individual business. Now we intend to focus our strategic interventions to maximize our market share across categories. At the same time, our sharp focus on various parameters which create superior value for all stakeholders shall continue, as demonstrated. There are key initiatives related to distribution channel and digital transformation underway. We are confident that our employees, agents and our channel partners are fully committed to achieving these objectives. We look forward to this current year as the one in which our topline growth trajectory will be back in focus.”

About LIC Limited

Life Insurance Corporation of India (LIC) is a statutory corporation that began its operations in 1956, following the nationalisation of the private insurance industry in India. LIC's primary objective is to spread life insurance widely, particularly in rural areas, providing financial cover at a reasonable cost.