Mumbai: The national insurer LIC has expanded its annual surplus by 10.1 percent to ₹ 48,444.82 crore for fiscal 2018 and has paid ₹ 2,430.19 crore as the government share.Life Insurance Corporation (LIC) has generated a total valuation surplus of ₹ 48,444.82 crore for fiscal 2018, which is 10.1 percent higher than what it had generated in the previous fiscal, the Corporation said in a statement Friday.

In fiscal 2017, the Corporation had paid ₹ 2,206.70 crore to the government, which was had 15.8 percent over fiscal 2016.

In fiscal 2017, it had booked a surplus of ₹ 44,134 crore, up 16.14 percent over ₹ 38,000 crore in the previous reporting year, when it had also paid a ₹ 500-crore one-time bonus to the government.

The Corporation now manages assets worth over ₹ 28.45 trillion, up from ₹ 25.72 trillion a year ago and had annual income of ₹ 4.92 trillion in the year gone-by, which was down from ₹ 5.23 trillion in the previous year.

In life insurance parlance, valuation surplus is akin to profit for companies and as per the LIC AC, it has to distribute 95 percent of the surplus to the policyholders and the balance to government, its shareholder.

Corporation chairman VK Sharma presented a cheque for the surplus amount to finance minister Arun Jaitley in the national capital Friday, said the statement.

The 62-year-old corporation said its market share by number of policies stood at 75.67 percent for the year under review. The Corporation did not disclose the overall market share for the year, had stood at 71.07 percent in fiscal 2017, up from 70.44 percent in the previous year.

Of the total annual income of ₹ 5.23 trillion, the first-year premium income stood at ₹ 1.34 trillion, which is the highest in its history, taking the total asset base of the Corporation to ₹ 28.45 trillion.

The Corporation has settled as much as 2.66 crore claims worth ₹ 1.11 trillion during the year gone-by, the statement added.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed)

Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Share Via