look news india
LIC Dividend: Some time ago, the Reserve Bank (RBI) has announced a dividend of Rs 2.11 lakh crore for the new government in the country. Now there is a relief news for the government. Yes, LIC will pay a dividend of Rs 3,662 crore to the government. The dividend is being paid to the Government of India as it is the largest shareholder of Life Insurance Corporation of India (LIC). The country's largest insurance company had announced a dividend of Rs 6 per share a day earlier. The government currently holds 96.5% stake in LIC.
Why is LIC getting dividend
There has been a 2.5 percent increase in net profit for the March quarter of the financial year 2023-24. With this, the profit of LIC has increased to Rs 13,762 crore. In the same quarter last year, LIC had a profit of Rs 12,421 crore. The company said that there has been an improvement in the last quarter of the financial year 2024. After this, the insurance company has announced a dividend of Rs 6 per share.
Revenue of Rs 13,810 crore
LIC said in the information given to the stock market that its total revenue in the January-March quarter of the financial year 2023-24 increased to Rs 13,810 crore. Rs 2,50,923 crore as compared to Rs. 2,00,185 crore. . The first year premium income of the company also increased to Rs. Rs 13,810 crore as compared to Rs. 12,811 crore. LIC's net profit for the full financial year 2023-24 was Rs. 40,676 crore as compared to Rs. 36,397 crore.
LIC Chairman Siddhartha Mohanty has given an interim dividend of Rs 4 in 2023-24. 6 has been recommended as dividend. This is subject to the approval of the shareholders. Earlier, the company had given an interim dividend of Rs 4 in 2023-24. Mohanty said that by combining interim and final dividend, it comes to Rs. 10. On the financial figures, Mohanty said, '…our performance has been good. Now we are focusing on increasing our market share in all categories. Also, our focus is on different dimensions, which creates better value for all concerned parties.