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LIC presents Rs. 476-cr. dividend cheque to FM
By Our Special Correspondent
NEW DELHI,
MARCH 22.
The Chairman of Life Insurance Corporation (LIC), R.N. Bhardwaj, on Monday presented a cheque for Rs 476.50 crores to the Finance Minister, P. Chidambaram, as the Centre's share in the surplus arising out of the actuarial valuation of the corporation as on March 31, 2004.
During 2003-04, the public sector insurance major generated a total surplus of Rs 10,987.60 crores, while its assets crossed the Rs 4-lakh crore mark to touch Rs 4.09 crores as on December 31, 2004.
Out of the surplus, the LIC distributed 95 per cent among its policyholders numbering more than 14.11 crores by way of bonus while the balance Rs. 548.13 crores was arrived at as the Centre's share. This, after deduction of income-tax, worked out to Rs. 476.50 crores.
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