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The numbers for the fourth quarter were not comparable with last year period, Life Insurance Corp. managing director said Tuesday as the company started compiling quarterly numbers from September 2021 quarter.
LIC MD Raj Kumar, in a post earnings press conference, said the value of new business (VNB) and the determination of embedded value is under progress and will be available soon.
On the lower dividend, the company said, as the business grows it will need more capital which will eventually benefit the shareholders as profits increase.
LIC reported a profit of ₹2,372 crore ($306 million) for the March quarter, down from ₹2,893 crore a year earlier. India's biggest insurer and largest domestic financial investor also announced a dividend of 1.50 rupees per share.
LIC's net premium income rose 18% to ₹1.44 lakh crore from 1.22 lakh crore a year earlier.
Its solvency ratio, a measure of an insurer's ability to meet its long-term debt obligations, rose to 1.85 from 1.76 a year earlier.
Its 13-month persistency ratio, reflecting the number of policies being renewed, fell to 69.24% from 73.24%.
Further LIC maintained an agency strength at 1.33 million, a large share of whom are working in the rural areas of the country, thereby giving it a pan India presence across the various socio economic segments.
LIC made its debut on the stock exchanges earlier this month.