LIC hands over Rs 3,662 crore dividend cheque to central government
Life Insurance Corporation (LIC) of India presented a cheque of Rs 3,662.2 crore as a dividend to the government, taking its total payout for FY24 to Rs 6,103.6 crore.
Life Insurance Corporation CEO and Managing Director Siddhartha Mohanty on Thursday handed over a cheque amounting to Rs 3,662.2 crore to Finance and Corporate Affairs Minister Nirmala Sitharaman as the government’s share of dividend. The payout was approved by the state-run life insurance giant's annual general meeting on August 22.
The development marked the company's second dividend payout to the government within six months.
On March 1, it paid an interim dividend of Rs 2,441.5 crore to the exchequer. The latest dividend took the total payout to the government to the government to Rs 6,103.6 crore for the financial year 2023-24 (FY24).
Financial Services Additional Secretary MP Tangirala was present on the occasion along with senior Life Insurance Company officials M Jagannath, Tablesh Pandey, Sat Pal Bhanoo, R Doraiswamy, and JPS Bajaj.
Completing 68 years since its incorporation, LIC is the leader in the domestic life insurance market with a overall share of 64 per cent.
As of March 31, 2024, LIC's asset base stood at Rs 52.9 lakh crore.
Earlier on Thursday, LIC shares ended 1.4 per cent lower at Rs 1,069.7 apiece on BSE.
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