The country’s largest insurer LIC on Monday said it has declared Rs 1.50 per share dividend to its shareholders for the financial year 2021-22.

The board of Directors of the Corporation has recommended a dividend of Rs 1.50 per equity share with the face value of Rs 10 each for the year ended March 31, 2022, LIC said in a regulatory filing. This is subject to the approval of the shareholders at the ensuing Annual General Meeting, it said.

The company reported an 18 percent year-on-year (YoY) decline in standalone net profit at Rs 2,372 crore for the fourth quarter ended March 31, 2022. In the corresponding quarter last year, the company posted a net profit of Rs 2,893 crore.

The company's net premium income increased to Rs 1,44,158.84 crore, up 17.88 percent from Rs 1,22,290.64 crore in the same quarter last fiscal.

The results came after the close of the market hours. Shares of LIC ended at Rs 837.05, up by Rs 15.50, or 1.89 percent on the BSE.

First Published:May 30, 2022 5:55 PM IST