New Delhi, Aug 29
Life Insurance Corporation (LIC) of India CEO and Managing Director Siddhartha Mohanty on Thursday presented a cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman as the government's share of the company's dividend, approved by the shareholders in the Annual General Meeting held on August 22.
LIC also paid an interim dividend of Rs 2,441.45 crore on March 1, which takes the total amount paid as the dividend to the government, for the year 2023-24, to Rs 6,103.62 crore.
M.P. Tangirala, Additional Secretary, Department of Financial Services was present along with senior LIC officials on the occasion.
LIC is completing 68 years since its incorporation and as of March 31, 2024, has an asset base of over Rs 52.85 lakh crore.
The insurance giant continues to be the market leader with an overall market share of 64.02 per cent measured in terms of First Year Premium Income as per IRDAI estimates.
LIC reported a 9 per cent increase in its consolidated net profit to Rs 10,544 crore for the April-June quarter of the current financial year from Rs 9,635 crore in the same quarter last year. The government-owned insurer's net premium income rose 16 per cent to Rs 1.14 lakh crore in the first quarter of 2024-25 as compared to Rs 98,755 crore in the first quarter of 2023-24. New Business Premium Income (Individual) increased by 13.67 per cent to Rs. 11,892 crore. Overall annual premium equivalent (APE) jumped 21.28 per cent to Rs. 11,560 crore. Individual Business Non-Par APE increased by 166 per cent to Rs 1,615 crore. Group Business APE increased by 34 per cent to Rs. 4,813 crore. Non-Par APE share within Individual business at 24 per cent for Q1 FY25 as compared to 10.22 per cent in Q1 FY24. Value of New Business increased by 24 per cent to Rs 1,610 crore with the net margin increasing by 20 bps to 14 per cent, the company said.