An exercise to determine Indian Embedded Value as on March 31, 2022 is under progress and is expected to be completed by June 30, 2022, Life Insurance Corporation of India has said.

“As soon as the exercise is completed, LIC of India shall make the required public disclosures,” the insurer said in a late night statement on Monday announcing its results for the fourth quarter as well as financial year 2021-22.

LIC had an embedded value of ₹5.4 lakh crore as on September 2021. The insurer reported an 18 per cent drop in its fourth quarter net profit to ₹2,371 crore.

“Though the year started on a muted note due to the Covid-19 pandemic, LIC was able to increase the marketing activities and ended the year with a significant growth of 18.7 per cent in Q4 FY22 in individual first-year premium income as compared to the corresponding quarter last year,” it further said in the statement.

LIC maintained an agency strength at 13.3 lakh and the average productivity per agent was 16 policies in 2021-22 as compared to about 15 policies in 2020-21.

The board also approved a dividend of ₹1.5 per equity share. This translates to a dividend payout of ₹948.75 crore aggregating to about 23.46 per cent of profit after tax, LIC said.

LIC scrip was down 2.4 per cent in the early trade on BSE on Tuesday.