On Thursday, the Life Insurance Corporation of India (LIC) made a significant financial move by paying a hefty dividend of ₹3,662.17 crore to the Indian government. This payment is part of LIC’s commitment to share its profits with its major stakeholder—the government.
Key Highlights
- Dividend Payment: LIC’s CEO and MD, Siddhartha Mohanty, handed over a cheque for ₹3,662.17 crore to Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman. This cheque represents the government’s share of LIC’s profits, as approved by the shareholders during the Annual General Meeting (AGM) on August 22.
- Total Dividend for 2023-24: Including an earlier interim dividend of ₹2,441.45 crore paid on March 1, LIC has now distributed a total of ₹6,103.62 crore as dividends to the government for the financial year 2023-24.
- Attendees: The ceremony was attended by several key figures, including Additional Secretary M.P. Tangirala from the Department of Financial Services, LIC managing directors M. Jagannath, Tablesh Pandey, Sat Pal Bhanoo, and R. Doraiswamy, along with J.P.S. Bajaj, the Zonal Manager (I/C) of the Northern Zone.
- LIC’s Asset Base: As of March 31, LIC’s asset base was reported to be over ₹52.85 lakh crore, underscoring its strong financial position and market leadership.
LIC’s latest dividend payment highlights its ongoing role as a major contributor to the government’s finances and reflects its robust performance in the insurance sector.
