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LIC on 27th May reported a marginal 2 per cent increase in net profit at Rs 13763 crore in the fourth quarter ended March 2024 as the corporation made provisions for wage hike. The insurer had earned a profit of Rs 13428 crore in the corresponding quarter a year earlier. The total income of the insurer during the reporting quarter rose to Rs 250923 crore from Rs 200185 crore in the same period of the preceding fiscal LIC said in a regulatory filing. LICs Income Increased LICs income from first-year premium also improved to Rs 13810 crore in the latest January-March quarter against Rs 12811 crore in the same period of preceding fiscal. The income from renewal premiums in the reporting period rose to Rs 77368 crore compared to Rs 76009 crore a year ago. During the entire financial year ended March 2024 the insurer earned a profit of Rs 40676 crore as compared to Rs 36397 crore in the previous fiscal. The total premium income for year ended March 2024 was Rs 475070 crore as compared to Rs 474005 crore in the year ended March 2023. A total of 20392973 policies were sold in the individual segment in FY24 as compared to 20428937 policies sold previous fiscal. LIC Dividend 2024 The board recommended a final dividend of Rs 6 per share for 2023-24 subject to approval of shareholders LIC Chairman Siddhartha Mohanty said. Earlier during the year an interim dividend of Rs 4 was declared and paid to shareholders of the corporation. Therefore he said the total of interim and recommended final dividend aggregates to Rs 10 per share. Topline is expected to grow at double digit during the current financial year on the back of new product launches and agency force tranformation project. The Assets Under Management (AUM) increased to Rs 5121887 crore as on March 31 2024 as compared to Rs 4397205 crore at the end of previous fiscal registering an increase of 16.48 per cent year on year. The amount of bonus allocated to participating policy holders was Rs 52955.87 crore for FY24 as against Rs 49439.56 crore for the preceding financial year. (With Inputs From PTI)