LIC Chairman Siddhartha Mohanty on Thursday presented a dividend cheque of ₹1,831.09 crore from LIC to the Union Finance and Corporate Affairs, Minister Nirmala Sitharaman.

This amount is the Centre’s share of dividend for 2022-23 and approved by LIC’s shareholders in the Annual General Meeting held on August 22 this year. 

As of end June this year, Centre held an equity stake of 96.5 percent in the insurance behemoth. The final dividend declared for 2022-23 was ₹ 3 per share.

Besides LIC Chairman Mohanty, the four Managing Directors of the Corporation—M Jagannath, Tablesh Pandey, Sat Pal Bhanoo and R Doraiswamy and DFS Additional Secretary MP Tangirala were present on the occasion at North Block inthe capital.

In May last year, LIC, the country’s largest insurer, had launched its mega ₹21,000 crore initial public offering (IPO). This was the biggest ever public issue in the country till date.

Against the issue price of ₹949 per share at the IPO, LIC’s share is now trading at ₹660.80 in the bourses.

Aided by a sharp rise in net investment income, LIC had reported a multifold increase in net profit in the first quarter ended June 30, 2023 at ₹ 9,544 crore (₹683 crore).