You are here: Home » Finance » News » Insurance
Business Standard

LIC's surplus payout to govt rises 16% to Rs 2,207 cr in FY17

State-owned insurance firm manages assets worth more than Rs 25.72 trillion

Press Trust of India  |  Mumbai 

LIC, life insurance

behemoth Life Corporation (LIC) on Friday said it paid Rs 2,206.70 crore to the government as 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 Minister as the government's share of the 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 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 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, 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 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 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, September 29 2017. 22:32 IST