LIC Issues New Update On Interim Dividend For FY 23-24; Shares Hit 52-Week High

The Life Insurance Corporation of India (LIC) issued new update on meeting of Board of Directors on February 5, 2024. LIC shares today hit fresh 52-week high when price soared to Rs 1032.45 apiece. LIC shares also witnessed spurt in volume by more than 1.00 times. The meeting of Board of Directors will be held on February 8, 2024 to consider and approve financial results and the Board may also consider proposal of declaration of interim dividend for FY 2023-24. LIC shares zoomed 64% in last 3-months only. Check details below:

Life Insurance Corporation of India May Consider Interim Dividend: As per the BSE filing of the company issued yesterday, "This is in continuation of our earlier filing Ref no. LIC/SE/2023-24/173 dated January 30, 2024, informing that a meeting of the Board of Directors of the Corporation is scheduled to be held on February 08, 2024, inter-alia, to consider and approve the Unaudited Financial Results (Standalone and Consolidated) for the quarter and nine-month period ended on December 31, 2023. In the said meeting, the Board of Directors may consider a proposal for declaration of Interim Dividend for the Financial Year 2023-24."

LIC Shares Performance & Return Over Years: The current market price of Life Insurance Corporation of India on BSE is Rs 1003.35 apiece with intraday gain of 0.30%. The 52-week high price of LIC shares on BSE is Rs 1032.45 apiece and 52-week low price is Rs 530.20 apiece, respectively. The company has a market capitalisation of Rs 6,34,618.27 crore. Life Insurance Corporation of India shares rallied over 6% in last 1-week, soared 15% In last 2-weeks, gained 64% in last 3-mobths, offered return of 67% in last 1-year only.

Life Insurance Corporation of India Financials: LIC on November 10 announced a decline of 50% in its net profit at Rs 7925 crore for the quarter ended September 30, 2023. The insurance giant declared its net profit at Rs 15,952 crore in the year-ago period, as per the BSE filing. It stated in its press release that it had changed its accounting policy in September 2022 regarding transfer of amount (Net of Tax) due to which YoY profit figures cannot be compared. "An amount of Rs 13,768 crore (net of tax) has been transferred for the six months ended September 30, 2023 (Rs 6,277 crore for the Q2FY24 quarter and Rs 7,491 crore for the Q1FY24 quarter) due to which the profit for the quarter ended 30.09.2023 is not comparable with the corresponding figures last year," said LIC in the press release. Its net premium income declined 19% to Rs 1.07 lakh crore in the quarter under consideration from Rs 1.32 lakh crore in the year-ago period.

LIC About: The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost, according to its official website.

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