Based on its Q4 results, Life Insurance Corporation of India (LIC) split has been released. A dividend of Rs 3 per share has been announced by LIC for its shareholders at a meeting held on Wednesday.
A final dividend of Rs 3 per share with a face value of Rs 10 per share has been announced for the fiscal year ending March 31, 2023, according to a regulatory filing made after LIC's Q4 results. In addition, LIC has designated July 21, 2023, as the record date for determining dividend payment eligibility.
This time, LIC's annual general meeting (AGM) will take place on August 22, 2023; as a result, it is anticipated that LIC will issue the final dividend for FY23 after this AGM. All shareholders whose names are recorded in the registers after July 21, 2023's business hours will be entitled for a dividend payment of Rs 3 per share.
In its Q4 results, LIC reported a consolidated net profit that increased by more than five times, to Rs 13,191 crore. However, compared to the same quarter the year before, the LIC's overall revenue fell to Rs 2,01,022 crore from Rs 2,15,487 crore.
LIC reported a multi-fold increase in net profit for the full fiscal year 2022–2023, going from Rs 4,125 crore to Rs 35,997 crore.