LIC crosses Rs 50,000 crore valuation surplus for the first time; pays dividend to govt

State-owned Life Insurance Corporation on Friday paid a dividend of Rs 2,610.74 crore to the government for financial year 2018-19. “During the Financial Year 2018-2019, LIC generated a valuation surplus of Rs 53,214.41 crore, registering a growth of 9.9% over the previous year. It has a market share of 76.28% in number of policies and 71% in First year Premium as on 30.11.2019,” the finance ministry said in a tweet.

This is for the first time in LIC’s history that Valuation surplus has crossed Rs 50,000 crore, the insurer said in a statement.  LIC Chairman M R Kumar handed over the cheque to Finance Minister Nirmala Sitharaman in presence of Finance Secretary Rajiv Kumar and Special Secretary Debasish Panda.

“Union Finance Minister Smt. @nsitharaman receives a cheque of Rs 2,610.74 Crores from Shri M.R. Kumar, Chairman of LIC, as Government’s share of surplus for Financial Year 2018-2019 here today. Shri Rajeev Kumar, Finance Secretary, was also present,” the ministry said.

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 2018-19, it said.  During 2018-19, it has paid 2.59 crore claims for an amount of Rs 1.63 lakh crore.