The Life Insurance Corporation of India (LIC) has made a significant payout to the Government of India. On Thursday, LIC handed over a dividend cheque worth ₹3,662.17 crore to the Union Finance Minister, Nirmala Sitharaman.
Details of the Dividend Payment
Siddhartha Mohanty, the CEO and Managing Director of LIC, personally presented the cheque to the Finance Minister. This amount was approved as the government's share of the dividend during the Annual General Meeting (AGM) held on August 22.
Total Dividend for 2023-24
Earlier this year, on March 1, LIC had already paid an interim dividend of ₹2,441.45 crore. Adding this to the recent payment, the total dividend paid by LIC to the government for the financial year 2023-24 comes to a massive ₹6,103.62 crore.
Key Officials in Attendance
The cheque handover event was attended by several key officials, including M.P. Tangirala, Additional Secretary in the Department of Financial Services, along with LIC’s Managing Directors—M. Jagannath, Tablesh Pandey, Sat Pal Bhanoo, and R. Doraiswamy. Also present was J.P.S. Bajaj, Zonal Manager (I/C) of the Northern Zone.
LIC’s Market Position
As of March 31, LIC, which is the leading insurance provider in the market, boasted an asset base of over ₹52.85 lakh crore. This solid financial position underscores LIC’s role as a key player in the insurance industry and a major contributor to the government's revenue.