The country’s largest life insurer LIC paid Rs 2,207 crore as dividend to the government for the year 2016-17. This amount is 15.8 percent more than last year.
LIC said in his statement that after distributing 95 percent surplus funds to the policy holders, the remaining 5 percent was paid to the government as part of it. The value of which is Rs 2,206.70 crores.
LIC Chairman VK Sharma presented the surplus check to Finance Minister Arun Jaitley as part of government in the surplus generated from the valuation of 31 March 2017. For the end of March, the company’s total surplus stood at Rs 44,134 crore. It was 16.14 percent higher than a year ago.
Last year, the amount was Rs 38,000 crore. The insurance company manages assets worth more than Rs 25.72 lakh crore and its annual income is Rs 4.92 lakh crore in the year 2016-17