LIC presents dividend cheque of Rs 1,831 crore to FM Sitharaman
STATE TIMES NEWS
MUMBAI: Life Insurance Corporation of India (LIC) on Thursday presented a dividend cheque of Rs 1,831.09 crore to Finance Minister Nirmala Sitharaman.
LIC Chairman Siddhartha Mohanty presented the dividend cheque as the Government of India’s share of dividend, approved by the shareholders in the Annual General Meeting held on August 22, 2023, the insurer said in a statement.
Dr. M P 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 J.P.S Bajaj ,ZM(I/C),Northern Zone, it said.
LIC has completed 67 years since its incorporation and beginning with an initial capital of Rs 5 crore in 1956, LIC as of March 31, 2023, has an asset base of Rs 45,50,571.73 Crore with a life fund of Rs 40,81,326.41 crore, it noted.
Despite two decades of opening up of the insurance sector, LIC continues to be the market leader in the Indian life insurance market, the statement claimed.