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

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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.

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).