Life Insurance Corporation of India CEO and Managing Director Siddhartha Mohanty on Thursday handed over a cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman as the government's share of the company's dividend that was approved by the shareholders at the Annual General Meeting on August 22.
LIC had earlier declared an interim dividend of Rs 2,441.45 crore on March 1, taking the total dividend paid to the government for the fiscal year 2023-24 to Rs 6,103.62 crore. Additional Secretary, Department of Financial Services, M.P. Tangirala and senior officials of LIC were also present at the occasion. Turning 68 years since its incorporation, LIC recorded an asset base of more than Rs 52.85 lakh crore as on March 31, 2024.
It remains the market leader with an overall market share of 64.02 per cent, in terms of First Year Premium Income, estimated IRDAI. LIC reported a 9 per cent increase in its consolidated net profit at Rs 10,544 crore for the April-June quarter of the current financial year, against Rs 9,635 crore in the same quarter of last financial year.
The net premium income of the government-owned insurer was up 16 per cent at Rs 1.14 lakh crore in the first quarter of 2024-25 against 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 surged 21.28 per cent to Rs 11,560 crore. Individual Business Non-Par APE surged 166 per cent to Rs 1,615 crore. Group Business APE surged by 34 per cent at Rs. 4,813 crore. Share of Non-Par APE within the Individual business stood at 24 per cent for Q1 FY25, against 10.22 per cent for Q1 FY 24. The company, on its part, said that the Value of New Business was up by 24 per cent to Rs 1,610 crore, with net margin improving by 20 bps at 14 per cent.
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