LIC hands over Rs 3,662 crore dividend cheque to govt

FM Nirmala Sitharaman receiving the dividend cheque from LIC officials (Image - X profile of FM Sitharaman)

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State-owned Life Insurance Corporation (LIC) on August 29 handed over a dividend cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman.

The cheque was presented by Siddhartha Mohanty, Chief Executive Officer & Managing Director of LIC to the finance minister in the presence of M P Tangirala, Additional Secretary, Ministry of Finance.

This dividend to the Union government, which is also the largest shareholder in the company, was announced on May 27, after the country’s largest insurer on May 27 declared an interim dividend of Rs 6 per share.

The insurance behemoth also paid an interim dividend of Rs 2,441.45 crore on March 1, 2024, thus totaling Rs 6,103.62 crore dividend paid to the Centre for the year 2023-24.

LIC, which completed 68 years since its incorporation, has an asset base of over Rs 52.85 lakh crore.

(With PTI inputs)