LIC generates Rs476.50 crore as dividend for government

Mumbai: R N Bhardwaj, chairman, Life Insurance Corporation of India, yesterday handed over a cheque for Rs.476.50 crore to finance minister P Chidambaram as the government of India's share of the the Surplus arising out of the actuarial valuation as on 31st March, 2004.

He was accompanied by A K Shukla, managing director and Ashok Shah, zonal manager, Northern Zone,

During the fiscal 2003-04, LIC generated total surplus Rs10, 987.60 crore. After distributing 95 per cent of the surplus to policy holders as bonuses, the balance of Rs548.13 crore was arrived at as the share of the government after deduction of income tax.

During 2004-05, up to 31st January 2005, LIC generated a total income of Rs73, 342 crore showing a growth of 16.45 per cent over the corresponding period of the previous year. The total premium income of LIC accounts for Rs46, 531 crore showing a growth of 15 per cent. The growth rate in both total income and total premium income has improved by over 2 per cent over and above the growth for the corresponding period in the previous year and LIC's assets crossed Rs4 lakh crore mark taking it to Rs4, 09,000 crore as on 31st December 2004.