Shares of Life Insurance Corporation (LIC) of India slumped as much as 3 percent on Tuesday as the insurance giant's reported a 17 percent drop in the March quarter profit.
LIC's net profit declined to Rs 2,409 crore, down 17 percent year-on-year, in the quarter ended March 31, 2022. The insurer had earned a profit of Rs 2,917 crore in the same quarter a year ago.
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Net premium income stood at Rs 1.44 lakh crore, up 17.88 percent from Rs 1.22 lakh crore in the corresponding quarter year ago.
India's largest insurer also announced a dividend of Rs 1.50 per share, it said in a regulatory filing on Monday.