LIC of India posts lower profit

MUMBAI, May 30 (Reuters): Life Insurance Corporation (LIC) of India reported a profit of 23.72 billion Indian rupees ($306 million) for the March quarter, down from 28.93 billion a year earlier.

India's biggest insurer and largest domestic financial investor also announced a dividend of 1.50 rupees per share with a face value of 10 rupees each, it said in a regulatory filing on Monday.

LIC's net premium income rose to 1.44 trillion rupees from 1.22 trillion 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 per cent from 73.24 per cent.