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State-run insurance major Life Insurance Corporation of India (LIC) reported a consolidated net profit of Rs 2,409 crore during Q4FY22, down 17 per cent year on year from the same quarter of previous fiscal.

The insurance company's consolidated income from net premium income during the quarter rose nearly 18 per cent to Rs 144,158 lakh crore, the earnings report shared with the exchanges showed.

This is the first earnings results reported by the company after it went public on the exchanges earlier this month.

It has recommended a dividend of Rs 1.5 per equity share for FY22, which is subject to approval of shareholders in the annual general meeting, the filing said.

The shares of the much-awaited LIC made a weak listing on the stock exchanges on May 17. It listed on the stock exchanges at a discount of 8.62 per cent at Rs 867, from its IPO issue price of Rs 949.

On Monday closing, it traded at Rs 836.

The initial public offering of the company had, however, received robust response from investors as the insurance major's offer has been subscribed 2.89 times.

It received bids for 46.77 crore equity shares against IPO size of 16.2 crore equity shares. The portion set aside for policyholders had been subscribed 5.97 times, employees bid 4.31 times the allotted quota, and retail investors 1.94 times, while the reserved portion of qualified institutional buyers had booked 2.83 times and that of non-institutional investors 2.8 times.

The government had brought down the issue size from 5 per cent to 3.5 per cent. The IPO valued LIC at Rs 6 lakh crore.

To attract a large number of investors, the policyholders were offered a Rs 60 discount, while for retail investors, the discount was at Rs 45.