LIC pays Rs 1,831 cr dividend to Centre

Siddhartha Mohanty, Chairperson, LIC of India, on Thursday presented the dividend cheque of Rs 1831.09 crore to Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs, as the Government of India’s share of dividend, approved by the shareholders in the Annual General Meeting held on August 22.

Dr MP Tangirala, Additional Secretary, GoI, Ministry of Finance, Dept of Financial Services was present along with officials from Life Insurance Corporation of India,M Jagannath ,MD, Tablesh Pandey, MD, Sat Pal Bhanoo, MD, R Doraiswamy, MD and JPS Bajaj,ZM(I/C),Northern Zone. LIC has completed 67 years since its incorporation and beginning with an initial capital of Rs 5 crore in 1956, LIC as on end-March has an asset base of Rs 45,50,571.73 crore with life fund of Rs 40,81,326.41 crore. Despite two decades of opening up of the insurance sector, LIC continues to be the market leader in the Indian life insurance market.