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LIC Sets Record Date for Generous ₹6 Final Dividend, Annual Total Hits ₹10

LIC declared a final dividend of ₹6 per share for FY24, totaling ₹10 per share with an earlier interim of ₹4. The record date for this payout is July 19.
LIC Sets Record Date for Generous ₹6 Final Dividend, Annual Total Hits ₹10
LIC Sets Record Date for Generous ₹6 Final Dividend, Annual Total Hits ₹10

LIC announced a robust final dividend of ₹6 per share for FY24, bringing the year’s total to ₹10 per share with an earlier interim dividend set at ₹4. The record date for this final dividend is set for July 19.

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Since its public debut in May 2022, LIC has increased its dividends annually, starting with ₹1.5 per share in FY22, doubling in FY23, and tripling the amount in FY24. Despite these increases, the government retains the lion’s share due to its 96.5% ownership.

The government’s dividend share from LIC in FY24 reached ₹6,104 crore, with prior years seeing ₹1,831 crore in FY23 and ₹916 crore in FY22. This trend underscores the substantial financial returns to the exchequer from its stake in LIC.

LIC’s profitability surged in FY24, with net profits rising to ₹40,676 crore from ₹36,397 crore in FY23, establishing a dividend payout ratio of 15.5%. The company dominates the Indian insurance market with a 58.9% overall market share.

LIC’s market value soared by 71.5% in FY24, increasing its market cap by ₹2.4 lakh crore, marking it as the second largest PSU in valuation after the State Bank of India. The stock closed at ₹1,036.05 on NSE, up 1% before the Q4 results.

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