Life Insurance Corporation of India on Monday reported a standalone profit after tax and extraordinary items of ₹13,762.64 crore for the fourth quarter ended March 31, marginally up by 2.5 per cent from ₹13,427.81 crore in the corresponding quarter a year ago.

Net premium income of the country’s largest life insurer was ₹1,52,293.13 crore, up 15.58 per cent from ₹1,31,761.11 crore a year ago.

During the quarter, an amount of ₹464.02 crore was charged to the revenue account on account of additional contribution towards an increase in family pension. A balance amount of ₹8,352.33 crore will be amortised over subsequent quarters till the second quarter of 2028-29.

Moreover, LIC recognised an additional pension liability of ₹829.19 crore due to wage revision of employees in 2023-24 and the balance amount of ₹5,477.10 crore will be charged to the shareholders account over three years from 2024-25.

Standalone net profit for the entire fiscal was ₹40,676 crore compared with ₹36,397 crore in 2022-23. The insurer said it has transferred a total of ₹29,518.75 crore during 2023-24 compared with ₹27,240.75 crore in 2022-23 from non-participating policyholder’s account to shareholder’s account.

Total premium income during 2023-24 was ₹4,75,070 crore, up 0.22 per cent from ₹4,74,005 crore during 2022-23.

LIC has also seen an improvement of 60 basis points in value of new business margin to 16.8 per cent during 2023-24 compared with 16.2 per cent in 2022-23. The life insurer has declared a bonus of ₹52,955.87 crore in 2023-24 to the participating policyholders against ₹49,439.56 crore in 2022-23.

The board of directors of LIC has declared a final dividend of ₹6 per share for 2023-24. Earlier during the year, an interim dividend of ₹4 per share was declared and paid, taking the total dividend for the year to ₹10 per share.

“During the year, we focused on directional changes in our product mix and enhancing margins. We have more than doubled our share of non-par business within our business,” said Siddhartha Mohanty, chairperson of LIC.

“The key initiatives related to distribution channel and digital transformation are underway. We look forward to this current year as the one in which our topline growth trajectory will be back in focus,” he said.