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Life Insurance Corporation of India (LIC) on Tuesday informed that its board will meet next week on Monday to consider and approve the audited Annual Financial Results (standalone and consolidated) for the quarter/year ended on March 31, 2022 and also payment of dividend, if any.

“It is informed that a meeting of the Board of Directors of the Corporation is scheduled to be held on May 30th, 2022, to consider, inter alia, the following agenda items: To consider and approve the audited Annual Financial Results (standalone and consolidated) for the quarter/year ended on March 31, 2022 and payment of Dividend, if any," LIC said in an exchange filing.

LIC share price surged more than a per cent to 829 apiece on the BSE in Tuesday's afternoon deals. The shares of the insurance behemoth made its stock market debut on May 17, 2022.

 LIC IPO, India's largest till date, had closed with nearly 3 times subscription. The government sold over 22.13 crore shares or a 3.5% stake in LIC through the initial share sale. The price range for LIC IPO was set between 902 and 949 per share.

LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of 5 crore. As of December 2021, LIC had a market share of 61.6% in terms of premiums or gross written premium.

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