JAMMU, Dec 30: MR Kumar, Chairman, LIC of India, today presented the dividend cheque of Rs 2610.74 crore to Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs, as the Government of India’s share of the surplus arising out of LIC’s Actuarial Valuation as at 31.3.2019.
During the fiscal 2018-19, LIC generated a total valuation surplus of Rs 53214.41 crore, registering a growth of around 9.9 per cent over the previous year. This is for the first time in LIC’s history that valuation surplus has crossed Rs 50,000 crore.
Rajiv Kumar, Secretary Finance, Debasish Panda, Special Secretary Insurance and FI were present along with officials from LIC of India, TC Suseel Kumar, MD, Vipin Anand, MD, Mukesh Kumar Gupta, MD and Raj Kumar, MD.
LIC has completed 63 years since its incorporation and now manages assets worth more than Rs.31.11 lakh crore. It had annual income of Rs.5.61 lakh crore and achieved the highest ever First Year Premium Income of Rs 1,42,191.69 crore in the year 2018-19. During the year 2018-19, it has paid 2 crore 59 lakh claims for an amount of Rs1.63 lakh crore.
LIC’s market share is 76.28 per cent in number of policies and 71 per cent in first year premium as on November 30, 2019.