LIC pays Rs 1,137.99 crore as dividend to government for 2010-11

Country’s largest insurer Life Insurance Corporation of India (LIC) has paid  Rs 1,137.95 Cr to the Government of India as dividend for 2010-11.

The dividend cheque was handed over by LIC current-in- charge Chairman D K Mehrotra to the Finance Minister Pranab Mukherjee yesterday, the state-owned insurer said in a statement today.

LIC had declared a valuation surplus of Rs 22,752.71 crore for the financial year ending 2011. This surplus was arrived at, after the annual actuarial valuation was done and all liabilities were accounted, it said.

The balance amount of Rs 21,614.72 crore would be ploughed back to the policyholders as bonus, it added.

For the 2010-11, it said, LIC has received a total premium income of Rs 2,03,358 crore as against Rs 1,85,986 crore in the previous showing a growth rate of 9.34 per cent, it said.

The total life fund of LIC stood at Rs 11,51,200.58 crore as against Rs 9,99,517.59 crore in the previous year. The total assets of the company rose to Rs 13,17,416 crore from Rs 11,52,057.21 crore in the previous year.

During 2010-11, LIC settled more than 1.89 crore claims for an aggregate amount of over Rs 57,557 crore. The ratio of claims outstanding at the end of the year to the total claims payable during the year stood at 1.20 per cent.

source: Economic times dated march 16, 2012.