behemoth Life Insurance
Corporation (LIC) on Friday said it paid Rs 2,206.70 crore to the government as surplus
for the financial year 2017, which is 16 per cent over the previous year.
A cheque amounting to Rs 2,206.70 crore was handed over to Finance
Minister Arun Jaitley
as the government's share of the surplus
arising out of the actuarial valuation for the year ending March 2017 by chairman V K Sharma, a Corporation statement said today.
For the year ending March 2017, the Corporation had a surplus
of Rs 44,134 crore which was an increase of 16.14 per cent over Rs 38,000 crore surplus
in the previous reporting year. In FY16 the Corporation had also paid a Rs 500 crore one-time bonus to the government which is its owner.
As per the LIC
Act, the Corporation has to distribute 95 per cent of its surplus
to policyholders as bonuses, the balance of 5 per cent amounting to Rs 2,206.70 crore was the share of the government.
In FY16, LIC
had paid Rs 1,900 crore, thus showing a growth of 15.79 per cent in FY17.
LIC, which has completed 61 years of its incorporation, manages assets
worth more than Rs 25.72 trillion and had annual income of Rs 4.92 trillion in the year gone-by.
The Corporation has increased its market share
from 70.44 per cent to 71.07 per cent in the previous financial year.
The nation's largest financial powerhouse has serviced and settled claims to the tune of 98.34 percent in maturity and 99.63 per cent in death claims in the financial year2016-17.
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