New Delhi: State-owned Life Insurance Corporation recently paid a dividend of ₹2,610.74 crore to the government for financial year 2018-19.
“During the Financial Year 2018-2019, LIC generated a valuation surplus of ₹53,214.41 crore, registering a growth of 9.9% over the previous year. It has a market share of 76.28% in number of policies and 71% in First year Premium as on 30.11.2019,” the finance ministry said in a tweet.
This is for the first time in LIC’s history that Valuation surplus has crossed ₹50,000 crore, the insurer said in a statement.
LIC Chairman M R Kumar handed over the cheque to Finance Minister Nirmala Sitharaman in presence of Finance Secretary Rajiv Kumar and Special Secretary Debasish Panda.
“Union Finance Minister Smt. @nsitharaman receives a cheque of ₹2,610.74 Crores from Shri M.R. Kumar, Chairman of LIC, as Government’s share of surplus for Financial Year 2018-2019 here today. Shri Rajeev Kumar, Finance Secretary, was also present,” the ministry said.
LIC has completed 63 years since its incorporation and now manages assets worth more than ₹31.11 lakh crore.
It had annual income of ₹5.61 lakh crore and achieved the highest ever First Year Premium Income of ₹1,42,191.69 crore in 2018-19, it said.
During 2018-19, it has paid 2.59 crore claims for an amount of ₹1.63 lakh crore.
