LIC pays Rs 2,400 crore dividend to government for 2017-18

LIC Chairman V.K. Sharma on Friday handed over a cheque of Rs 2,430 crore as dividend for the financial year 2017-18 to Finance Minister Arun Jaitley.

Speaking to reporters here after meeting the Finance Minister, Sharma said that state-owned Life Insurance Corporation (LIC) recorded a surplus of Rs 48,444 crore during the last fiscal 2017-18.

He said that LIC would also infuse Rs 15,000-20,000 crore into the loss-making IDBI Bank struggling with accumulated bad loans.

LIC received cabinet approval earlier this year to buy a 51 per cent stake in state-run IDBI, which will make the government a minority shareholder in the bank.