LIC shares decline over 3 pc on lower earnings

Shares of LIC on Tuesday dipped over 3 percent after the company posted a 17 percent decline in consolidated net profit for the fourth quarter ended March 2022.

The stock declined 3.23 percent to Rs 810 on the BSE.

At the NSE, it tanked 3.31 percent to Rs 810.

Insurance behemoth LIC on Monday posted a 17 percent decline in consolidated net profit to Rs 2,409 crore for the fourth quarter ended March 2022.

The insurer had earned a profit of Rs 2,917 crore in the same quarter a year ago.

This is the first-ever quarterly result of LIC after being listed on bourses earlier this month.

The total income of the insurer during the March quarter increased to Rs 2,12,230.41 crore, from Rs 1,90,098 crore in the same period of the previous fiscal, LIC said in a regulatory filing.

LIC's income from first-year premium rose to Rs 14,663.19 crore against Rs 11,053.34 crore in the same quarter previous fiscal.