Chennai: LIC of India has presented a cheque amounting to over Rs 2,400 crore to Finance Minister Arun Jaitley as the government’s share of surplus arising out of LIC’s actuarial valuation.
Chairman, LIC of India, V K Sharma presented the cheque of Rs 2,430.19 crore to the Finance Minister for the actuarial valuation as on 31 March.
During the fiscal 2017-18, LIC generated a total valuation surplus of Rs 48,444.82 crore, registering a growth of 10.1 per cent over the previous year. After distributing 95 per cent of the surplus to policy holders as bonuses, the balance of five per cent amounting to Rs 2,430.19 crore is the share of the government.
Minister of State for Finance and Shipping, P Radhakrishnan, Special Secretary, Department of Revenue, Girish Chandra Murmu, Additional Secretary, DFS, Debasish Panda, were present along with Officials from LIC of India, MD, Hemant Bhargava, MD, B Venugopal, and MD Sunita Sharma.
LIC has completed 62 years since its incorporation and now manages assets worth more than Rs 28.45 lakh crore with a market share of 75.67 per cent in number of policies as on 31 March.