Life Insurance Corp of India reports lower profit; declares dividend

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Life Insurance Corporation of India (LIC) IPO listing in Mumbai

MUMBAI (Reuters) - Life Insurance Corporation 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% from 73.24%.

LIC made its debut on the stock exchanges earlier this month.

As of Monday's close, the stock was down 11.7% from their offer price of 949 rupees per share.

The government sold a 3.5% stake and raised roughly 205 billion rupees from India's largest IPO.

($1 = 77.5150 Indian rupees)

(Reporting by Nupur Anand; editing by Jason Neely)

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