LIC delivers ₹3,662 crore dividend to Government; total annual payout hits ₹6,103 crore

KR Srivats Updated - August 29, 2024 at 07:36 PM.

Siddhartha Mohanty, MD and CEO of LIC, handed over the dividend cheque to Union Finance Minister Nirmala Sitharaman

Insurance behemoth Life Insurance Corporation of India (LIC) on Thursday presented the Central Government with a dividend cheque for ₹3,662.17 crore.

The dividend cheque was handed over to Union Finance and Corporate Affairs Minister Nirmala Sitharaman by Siddhartha Mohanty, MD & CEO of the life insurance major.

LIC shareholders approved the final dividend of ₹6 per share for 2023-24 on August 22. In 2022-23, LIC paid a final dividend of ₹3 per share.

Read: LIC Q1 consolidated net up 9.4% to ₹ 10,544 crore

In March this year, the insurance behemoth had paid an interim dividend of ₹2441.45 Crores, taking the total dividend payout to Centre for 2023-24 to ₹6,103.62 crore.

Currently, the Centre has a majority stake of 96.5 percent in LIC. As of the end of March 2024, LIC had an asset base of over ₹52.85 lakh crore. It continues to be the market leader in the Indian life insurance sector.

For the financial year ended March 31, 2024, LIC had recorded a net profit of ₹40,676 crore (₹36,397 crore).

Published on August 29, 2024 14:06