MUMBAI: With higher profits from its huge investment portfolio, Life Insurance Corporation (LIC) has decided to pay 40 percent higher bonuses and dividends to the government and its customers, respectively, in 2016-17.
The Corporation has allocated Rs 47,387.44 crore as reversionary bonuses with profit to policyholders and paid Rs 2,494.08 crore to the government towards its share of surplus on within the country business, against Rs 34,207.58 crore and Rs 1,800.40 crore, respectively
"2016-2017 was a great year business-wise though we had to face an extremely competitive scenario. We not only need to understand the competition but be two steps ahead," VK Sharma, LIC chairman, said, addressing the corporation's 57th annual senior divisional managers' conference here recently.
PTI has a copy of the chairman's speech.
"If we do not think out of the box now, it will become extremely difficult for us to maintain our position as a market leader in future,
Source - Economic Times
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