LIC pays Rs 2,610.7 cr as FY19 dividend to government

Source :IANS
Author :IANS
Last Updated: Sat, Dec 28th, 2019, 19:48:26hrs
LIC pays Rs 2,610.7 cr as FY19 dividend to government

New Delhi: The Life Insurance Corporation of India (LIC) on Friday paid a dividend of Rs 2,610.74 crore for the financial year 2018-19 to the government

In a tweet, the Finance Ministry said: "Union Finance Minister @nsitharaman receives a cheque of Rs 2,610.74 crores from M.R. Kumar, Chairman of LIC, as government's share of surplus for Financial Year 2018-2019 here today. Rajeev Kumar, Finance Secretary, was also present."

Another tweet by the ministry said that in the last fiscal, LIC generated a valuation surplus of Rs 53,214.41 crore, with an annual growth of 9.9 per cent.

"...It has a market share of 76.28 per cent in number of policies and 71 per cent in First year Premium as on 30.11.2019," it said.

The state-run insurer had expanded its annual surplus by 10.1 percent to Rs 48,444.82 crore in fiscal year 2017-2018 and had paid Rs 2,430.19 crore as the government's share in FY18.