LIC To Give Rs 3,662 Cr To Government As Dividend

The State-run Life Insurance Corporation of India (LIC) will pay a dividend of Rs 3,662 crore to the Government of India, the company's largest shareholder. The national insurer declared on Monday a final dividend of Rs 6 per share for the fiscal year ending 31 March 2024.

The government presently owns 96.5 per cent of the corporation, which equates to 6,10,36,22,781 shares out of 6,32,49,97,701 fully paid equity shares.

LIC reported a net profit of Rs 13,782 crore for the fourth quarter, up 4.5 per cent from Rs 13,191 crore reported in the same period the previous fiscal year.

According to the corporate filing, LIC remains the market leader in the Indian life insurance industry in terms of First Year Premium Income (FYPI), with a 58.87 per cent overall market share. For the fiscal year ending 31 March 2024, LIC held a market share of 38.44 per cent in individual business and 72.3 per cent in group business.

The Total Premium Income for the fourth quarter of fiscal year 2024 was recorded at Rs 4,75,070 crore, compared to Rs 4,74,005 crore in the fiscal year 2023.

The Group Business total premium income for the year ended 31 March 2024 was Rs 1,71,302 crore, compared to Rs 1,81,242 crore for the year ended 31 March 2023.

As of March 2024, assets under management (AUM) were at Rs 51,21,887 crore, up from Rs 43,97,205 crore on 31 March 2023, representing a 16.48 per cent year-on-year gain.

The individual segment sold 2,03,92,973 policies in 2024, compared to 2,04,28,937 in 2023.