New Delhi [India], Public sector insurance company LIC (Life Insurance Corporation of India) posted a net profit of Rs 13,781.59 crore for the quarter ending March 31, 2024. The company's net profit increased by 4.5 percent to Rs 13,190.79 crore. LIC had recommended a final dividend of Rs 6 per equity share in the same period of the last financial year. The company further said, "The Board of Directors has recommended a final dividend of Rs 6 on each equity share of Re 1 for the financial year 2023-24, subject to the approval of the shareholders in the upcoming Annual General Meeting of the Corporation." Financial details LIC's expenses on management (EOM) increased by nearly 15 per cent to R 24,709.05 from Rs 21,435.23 last year, net income from investments increased by 24.43 per cent year-on-year to R 84,425.45 crore in Q4FY24.Net profit for FY24 was Rs 40,676 crore, while it was Rs 36,397 crore in FY23. The financial statement shows that the additional pension liability due to wag revision for employees was Rs 6,306.29 crore. Of this amount, Rs 829.1 crore has been recognized in the respective segments in FY2014, the remaining Rs 5,477.10 crore, which belongs to the participation segment, in the shareholders' accounts over a period of three years starting from FY2015. Will be recovered from. Annualized premium equivalent (APE) in PSU filings rose by nearly 10.7 per cent to Rs 21,180 crore from Rs 19,137 crore last year, however, the value of new business premium (VNB) declined 1.6 per cent year-on-year. Rs 3,645 crore LIC also said in the filing that the corporation made a change in its accounting procedures in September, 2022 with respect to the transfer of the amount related to accretion of available solvency margin from the account of non-participating policyholders to the account of shareholders.In the January-March period, it transferred around Rs 8,000 crore. For FY24, the total amount transferred was Rs 29,518.75 crore (net of tax), compared to Rs 27,240.75 crore in FY23. The third annual general meeting of the members of the corporation will be held on Thursday, August 22, 2024, LIC said.