LIC Pays ₹3,662 Crore Dividend to Indian Government
On Thursday, Life Insurance Corporation of India (LIC) presented a dividend cheque of ₹3,662.17 crore to Union Finance and Corporate Affairs Minister Nirmala Sitharaman. This follows the shareholder approval of a final dividend of ₹6 per share for 2023-24, up from ₹3 per share in the previous fiscal year. Earlier in March 2024, LIC had paid an interim dividend of ₹2,441.45 crore, bringing the total dividend payout to the government for the year 2023-24 to ₹6,103.62 crore.
The Indian government, which holds a 96.5 percent majority stake in LIC, received this dividend payment as part of LIC’s annual returns. As of March 31, 2024, LIC’s asset base stands at over ₹52.85 lakh crore. The corporation remains the market leader in the Indian life insurance sector with a 64.02 percent market share in terms of First Year Premium Income, according to IRDAI estimates.
For the April-June quarter of FY 2024-25, LIC reported a 9 percent increase in consolidated net profit, rising to ₹10,544 crore from ₹9,635 crore in the same period last year. Net premium income surged by 16 percent to ₹1.14 lakh crore, compared to ₹98,755 crore in Q1 FY 2023-24. Key growth metrics include a 13.67 percent increase in New Business Premium Income (Individual) to ₹11,892 crore and a 21.28 percent rise in Overall Annual Premium Equivalent (APE) to ₹11,560 crore. Individual Business Non-Par APE saw a significant increase of 166 percent, reaching ₹1,615 crore, while Group Business APE rose by 34 percent to ₹4,813 crore. The Value of New Business grew by 24 percent to ₹1,610 crore, with a net margin increase of 20 basis points to 14 percent.
Full Name: Life Insurance Corporation of India
Established: 1956
Ownership: Government of India (96.5% stake)
Asset Base: Over ₹52.85 lakh crore as of March 31, 2024
Market Share: 64.02% in First Year Premium Income (as per IRDAI estimates)
Net Profit (Q1 FY 2024-25): ₹10,544 crore
Dividend Payment (2023-24): Total ₹6,103.62 crore (including ₹2,441.45 crore interim and ₹3,662.17 crore final)
Financial Performance: 13.67% increase in New Business Premium Income (Individual) to ₹11,892 crore in Q1 FY 2024-25
The State government of Assam has approved the Uniform Civil Code (UCC) Bill. Along side…
The Reserve Bank of India (RBI) has cancelled the license of Sarvodaya Co-operative Bank Ltd.…
The Indian National Congress (INC) has announced VD Satheesan as Kerala's next Chief Minister. With…
Uganda's President Yoweri Museveni has created the landmark milestone as he has been sworn in…
To achieve the most ambitious target of $1 trillion export target of India, Commerce and…
India has imposed an immediate ban on the exports of sugars until September 30, 2026.…