LIC pays dividend of Rs 2,207 crore to government

New Delhi: The country's largest Life Insurance Corporation (LIC) on Friday paid Rs 2,207 crore as dividend to the government for 2016-17.

After distributing 95 per cent of the surplus to policy holders as bonuses, the balance of 5 per cent amounting to Rs 2,206.70 crore was the share of the government, LIC said in a statement.

LIC Chairman V K Sharma, presented the valuation surplus cheque to Finance Minister Arun Jaitley as the government's share of the surplus arising out of the actuarial valuation as on March 31, 2017.

The insurer manages assets worth more than Rs 25.72 lakh crore and had annual income of Rs 4.92 lakh crore in the year 2016-17.

It has increased its market share from 70.44 per cent to 71.07 per cent in the last fiscal.