LIC slips to 7th rank in terms of m-cap
At the time of listing, LIC was the 5th biggest listed firm in terms of market capitalisation after Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, and Infosys. Due to its dismal performance, its ranking has slipped to the seventh position, with the likes of Hindustan Unilever Ltd (HUL) and ICICI Bank surpassing its market cap.
On the financial front, LIC reported net profit of ₹2,371.55 crore in Q4 FY22, compared to ₹2,893.48 crore in the year-ago period, registering a decline of 18%. The net premium income increased to ₹1,43,745.92 crore, compared with ₹1,21,626.06 crore a year ago. Net income from investments improved marginally to ₹67,498.15 crore in Q4 FY22 from ₹67,435.29 crore Q4 FY21. The board of LIC has also recommended a dividend of ₹1.50 per equity share with face value of ₹10 each for the year ended March 31, 2022, subject to shareholders’ approval in the upcoming annual general meeting.