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| LIC pays Rs 1137.99 crores to Union Government as Dividend for 2010-11 | | | EARLY TIMES report
Mumbai, Mar 15: D.K.Mehrotra, current-in-charge Chairman of the Life Insurance Corporation of India handed over a cheque for Rs 1137,99,41,904/- to Pranab Mukherjee, Union Finance Minister in New Delhi. D.K.Mittal, Secretary, Department of Financial services and Nilesh Sathe, Zonal Manager, LIC North Zone were also present on the occasion. The amount is the Dividend paid by LIC to the Union Government for the year 2010-11. LIC had declared a Valuation surplus of Rs 22752.71 crores for the financial year ending 2011. This surplus was arrived at, after the annual Actuarial Valuation was done and all liabilities were accounted. The balance amount of Rs 21614.72 crores would be ploughed back to the policyholders as bonus. For the FY 2010-11, LIC has received a Total Premium Income of Rs 203358 crores as against Rs 185986 crores in the previous showing a growth rate of 9.34 percent. The Total Life Fund of LIC stood at Rs 1151200.58 crores as against Rs 999517.59 crores in the previous year. The Total Assets of the Corporation rose to Rs 1317416 crores from Rs 1152057.21 crores in the previous year. LIC's performance with regards to claim settlement is enviable. During FY 2010-11, LIC settled more than 1.89 crores claims for an aggregate amount of over Rs 57557 crores. The ratio of claims outstanding at the end of the year to the total claims payable during the year stood at 1.20%. |
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