LIC's Paid-up Capital Stands At Rs6,324 Crore: Govt
IANS 08 February 2022
The paid up capital of the Life Insurance Corporation of India (LIC) stands at Rs6,324.99 crore as on 31 December 2021, said Bhagwat Karad, minister of state for finance.
In a written reply to a question raised in the Rajya Sabha, Mr Karad on Tuesday said the Central government on an application made by the LIC allowed the utilisation of its free reserves for increasing its paid-up capital.
"As a result, the paid-up capital of LIC increased to Rs6,324.99 crore, as on 31.12.2021," he said.
He said, LIC had paid a dividend of Rs2,610.75 crore in 2019-20 to Government of India from the profits of 2018-19.
No dividend was paid in FY20-21 as the Insurance Regulatory and Development Authority of India (IRDAI) had instructed insurers vide its circular dated 24 April 2020 to refrain from dividend pay-outs from profits pertaining to the financial year ending 31 March 2020.
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