Share Capital of LIC stands at Rs 6,324 crore

The share capital of the Life Insurance Corporation of India stands at Rs 6,324.99 crore at the end of the third quarter of the current financial year. The Minister of State for Finance, Bhagwat Karad has said that the central government has allowed the utilisation of its free reserves for increasing its paid-up capital, on an application made by the LIC.

He further said that as a result, the paid-up capital of the Life Insurance Corporation of India increased to Rs 6,324.99 crore at the end of the third quarter of the financial year. LIC has paid a dividend of Rs 2,610.75 crore in 2019-20 to the Government of India from its profits of 2018-19.

The company did not pay any dividend in the previous financial year as the Insurance Regulatory Authority of India instructed insurers to vide it's circular dated April 24, 2020, in order to refrain from dividend pay-outs from profits pertaining to the financial year ending on March 31, 2020.