Life Insurance Corporation’s Chairperson Siddhartha Mohanty presented a dividend cheque to India’s Union Minister of Finance, Nirmala Sitharaman.
What Happened: On Friday, Mohanty handed over a dividend cheque of ₹1,831.09 crore to Sitharaman. This dividend represents the Government of India’s share, as approved by the shareholders in the annual general meeting held on August 22, 2023.
The government owns a massive 96.5% shares of the insurance giant. LIC went public last year with the launch of the highest initial public offering (IPO) in the Indian market, with an impressive offering size of ₹21,000 crore.
LIC has been a dominant player in the Indian insurance market for over six decades. The corporation commenced its operations with an initial capital of Rs. 5 crore in 1956. As of March 31, 2023, it reported an asset base of Rs. 45.50 lakh crore and a life fund of Rs. 40.81 lakh crore. LIC still maintains its market leadership in the Indian Life Insurance market, even after two decades since the opening up of the insurance sector in the country.
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