(L to R) M P Tangirala, additional secretary, Dept of Financial Services, Nirmala Sitharaman, Union Finance Minister, Siddhartha Mohanty, chairman, LIC, M Jagannath,MD, LIC
The corporation had a total premium income of Rs 4,74,005 crore and a net profit of Rs 36,397.40 crore in fy 2023. It had an embedded value of Rs 5,82,243 crore in FY2022-23
New Delhi:
Life Insurance Corporation of India (LIC) on Thursday presented a dividend cheque of Rs 1,831.09 crore to Finance Minister Nirmala Sitharaman.
Siddhartha Mohanty,chairman,LIC, presented the dividend cheque as the government’s share of dividend in the presence of Department of Financial Services Additional Secretary MP Tangirala, the insurer said in a statement.
The dividend was approved by the shareholders in the annual general meeting held on August 22, it said.
The corporation had a total premium income of Rs 4,74,005 crore and a net profit of Rs 36,397.40 crore in fy 2023.
it had an embedded value of Rs 5,82,243 in 2022-23
LIC has completed 67 years since its incorporation and beginning with an initial capital of Rs 5 crore in 1956, LIC as of March 31, 2023, has an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 lakh crore, it noted.
Despite two decades of opening up of the insurance sector, LIC continues to be the market leader in the Indian life insurance market, the statement claimed.