Finance Minister Sitharaman Inaugurates LIC’s International Business Centre and Receives Interim Dividend

In a virtual ceremony, Finance and Corporate Affairs Minister Nirmala Sitharaman received an interim dividend cheque of ₹2,441.44 crore from LIC Chairman Siddhartha Mohanty, showcasing the insurance giant’s financial strength. The event also marked the inauguration of LIC’s new international business centre at GIFT City, Gujarat, emphasizing the company’s dedication to offering top-notch insurance and financial services globally.

Interim Dividend Presentation

• Finance Minister Nirmala Sitharaman received an interim dividend cheque of ₹2,441.44 crore from LIC Chairman Siddhartha Mohanty.
• The dividend payout highlights LIC’s robust financial performance and its contribution to the government’s revenue.

LIC’s Financial Performance

• LIC’s shares witnessed a 9% increase in the last month, providing over 70% returns to investors within a year.
• The government’s stake in LIC amounts to Rs 1.2 lakh crore, indicating the company’s substantial contribution to the economy.
• Market experts attribute LIC’s strong performance to its December quarter results for the fiscal year 2023-24, marked by a 49% increase in net profit.

Inauguration of LIC’s International Business Centre

• Finance Minister Nirmala Sitharaman inaugurated LIC’s new international business centre at GIFT City, Gujarat, through virtual mode.
• This strategic move underscores LIC’s commitment to offering world-class insurance and financial services at GIFT City, aligning with its global expansion strategy.