30/11/2018
Shri V K Sharma, Chairman, LIC of India, today presented the cheque of 2,430.19 Crore to Shri Arun Jaitley, Hon’ble Union Finance Minister as the Government of India’s 5% share of the surplus arising out of the LIC’s Actuarial Valuation as at 31.3.2018.
During the fiscal 2017-18, LIC generated a total Valuation Surplus of Rs. 48,444.82 Crore, registering a growth of 10.1% over the previous year. After distributing 95% of the surplus to policyholders as bonuses, the balance of 5% amounting to 2,430.19 Crore is the share of the Government.
Shri P Radhakrishnan, Minister of State for Finance and Shipping, Shri Girish Chandra Murmu, Special Secretary, DOR, Shri Debasish Panda, Additional Secretary, DFS were present along with Officials from Life Insurance Corporation of India, Shri Hemant Bhargava MD, Shri B Venugopal, MD & Smt. Sunita Sharma MD.
LIC has completed 62 years since its incorporation. LIC now manages Assets worth more than 28.45 lakh Crore. LIC had Annual Income of 5.23 lakh Crore and achieved the highest ever First Year Premium Income of Rs 1,34,551.68 Crore in the year 2017-2018.
It had a market share of 75.67% in number of policies as on 31st March, 2018. LIC takes pride in informing you that during the year 2017-18 LIC has settled claims to over 2 Crore 66 lakh claimants for an amount of 1.11 lakh Crore.