New Delhi: Finance Minister Nirmala Sitharaman on Thursday received a dividend cheque of Rs 1,831.08 crore for FY 2022-23 from insurance behemoth Life Insurance Corporation of India.

The cheque was presented to FM Sitharaman by LIC Chairman Siddhartha Mohanty.

Smt @nsitharaman receives a dividend cheque of Rs 1,831.08 crore for FY 2022-23 from Shri Siddhartha Mohanty – Chairman of Life Insurance Corporation of India (@LICIndiaForever). pic.twitter.com/Rsx8DRZlhf
— Nirmala Sitharaman Office (@nsitharamanoffc) September 14, 2023

LIC in a press release has said, “Shri Siddhartha Mohanty, Chairperson, LIC of India, today presented the Dividend cheque of Rs 1831.09 crore to Ms. Nirmala Sitharaman, Hon’ble Union Minister of Finance and Corporate Affairs, as the Government of India’s share of Dividend, approved by the Shareholders in teh Annual General Meeting held on 22.08.2023″

Dr MP Tangirala, Additional Secretary, GOI, Ministry of Finance, Dept. of Financial Services was present along with officials from Life Insurance Corporation of India, M Jagannath, MD, Tablesh Pandey, MD, Sat Pal Bhanoo, MD, R Doraiswamy, MD and JPS Bajaj, ZM (I/C) Northern Zone.

“LIC has completed 67 years since its incorporation and beginning with an initial capital of Rs 5 crore in 1956, LIC as at 31.03.2023 has an asset base of Rs 45,50, 571.73 crores with life fund of Rs 40,81, 326.41 crores. Despite two decades of opening up of the insurance sector, LIC continues to be the market leader in the Indian Life Insurance market,” LIC further added