New Delhi: Life Insurance Corporation (LIC) is contemaplating on launching health insurance schemes and is looking out for deals to acquire entities to get into the business. The insurance behemoth’s plan comes amid a expectations that the government could allow composite insurance companies in the sector.
Currently, the government restricts life insurance companies to offer long-term health benefits. The government needs to pass an amendment in the Parliamnet to enable life insurance firms to provide hospitalisation and indemnity coverage.
The government and regulatory authorities like IRDAI are taking steps to improve and expand the health coverage. LIC’s huge network can help the India’s health insurance sector.
LIC Q4 2023-24 Results
LIC declared its Q4 results of 2023-24 and reported a 2 per cent increase in net profit at Rs 13,763 crore in fourth and last quarter. The insurance behemoth’s informed that its total income surged to Rs 2,50,923 crore in the mentioned quarter. It was Rs 2,00,185 crore in the fourth quarter of 2022-23.
Income from first-year premium: Rs 13,810 crore in January-March quarter. Income from renewal premiums increased to Rs 77,368 crore compared to Rs 76,009 crore a year ago.
In the entire financial year, LIC recorded a profit of Rs 40,676 crore as compared to Rs 36,397 crore in 2022-23. The total premium income stood at Rs 4,75,070 crore. It was Rs 4,74,005 crore in the year ended March 2023.
LIC Chairman Siddhartha Mohanty confirmed that the board recommended a final dividend of Rs 6 per share for 2023-24 subject to approval of shareholders. Earlier in the year, the insurer had declared an interim dividend of Rs 4 and paid to shareholders.
Commenting on financial numbers, Mohanty said, “We have more than doubled our share of non-par business within our individual business. Now we intend to focus our strategic interventions to maximize our market share across categories. At the same time, our sharp focus on various parameters which create superior value for all stakeholders shall continue, as demonstrated.”
Life Insurance Corporation (LIC) is mulling entering health insurance segment. The LIC Q4 net profit increased to 2 per cent to Rs 13,763 crore. The insurance behemoth declared a total dividend of Rs 10 per share for FY24. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
