Life Insurance Corporation of India share price
NSE: LICIBSE: 543526InsuranceLarge Cap
Share price at the NSE close on 28 Oct 2026. Previous close ₹387.70.
28 Oct: open ₹387.70, high ₹393.00, low ₹384.40
- Next results date: the board meets on 5 Nov 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹4,95,184 Cr11th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 8.24
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 2.59
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 2.55%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 36.3%
- SolvencySolvency ratio. The capital the insurer holds ÷ the capital the regulator requires it to hold, as the insurer states it; insurers write it in different ways, so it is read as the one multiple between 1 and 5 it can be, and not given outside that. At the end of Jun 2026. For the company alone, not its group: the regulator measures it company by company. Solvency ratio in the glossary
- 2.42times the capital required
- Gross premiumGross premium. Premium on the policies sold and renewed in the period, before the part passed on to reinsurers: a general insurer's gross premiums written, a life insurer's gross premium income. For the year to Mar 2026. For the whole group. Gross premium in the glossary
- ₹5,38,379 Cr
- First-year premiumFirst-year premium. Premium from the first year of new regular-premium policies, for the period. For the year to Mar 2026. For the whole group. First-year premium in the glossary
- ₹42,108 Cr
- Expense ratioExpense ratio. The costs of running the insurance business, commission included, as a percentage of premium, as the insurer states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told, or where the filing's own amounts show it written on another scale or rounded to the whole per cent. For the year to Mar 2026. For the whole group. Expense ratio in the glossary
- 11.93%
- Persistency, 13 monthsPersistency, 13 months. The share of what was sold that is still being paid for 13 months after the sale, by premium or by number of policies, which the filing does not say, as the life insurer states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told, or where the figure is outside what it can be. For the year to Mar 2026. For the whole group. Persistency, 13 months in the glossary
- 74.64%
- ConservationConservation ratio. This year's renewal premium as a percentage of last year's first-year and renewal premium, as the life insurer states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told, where it is 0, or where it is outside 10% to 150%. For the year to Mar 2026. For the whole group. Conservation ratio in the glossary
- 92.33%
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 48,04,42264.2% delivered
About Life Insurance Corporation of India
Life Insurance Corporation of India is a statutory corporation that sells life insurance in India and abroad.1 Its policies cover individual life, group, annuity (a regular income bought with a lump sum), pension, health, micro insurance and unit-linked plans.1 It sells to individuals and to group customers such as companies, government bodies and associations, and offers low-cost policies to low-income households under government schemes.2
For its funds in India, the LIC Act gives holders of participating policies at least 90% of their fund's surplus, with the rest going to its members (shareholders), and gives members 100% of the non-participating fund's surplus.34 It sells through its own agents, bancassurance partners (banks that sell its policies), corporate agents, brokers, insurance marketing firms and digital platforms.5
Outside India it has branches in Fiji, Mauritius and the United Kingdom, and subsidiaries in Bahrain, Nepal, Sri Lanka, Bangladesh and Singapore.36 The UK branch stopped selling new policies in June 2024 and the Singapore subsidiary in October 2025; both now only service existing policies.7 It was set up on 1 September 1956 under the Life Insurance Corporation Act, 1956, by nationalising 245 private companies, and its shares were listed on the NSE and BSE in May 2022.81
In India its subsidiaries are LIC Pension Fund, which manages pension schemes regulated by the pension regulator, and LIC Cards Services, which markets partner banks' credit cards.9
Life Insurance Corporation of India key points
Results
- On a standalone basis, total premium income (premiums less the share passed to reinsurers) was ₹1,27,250 crore in the quarter to Jun 2026, against ₹1,19,200 crore a year earlier, and profit after tax was ₹13,492 crore, against ₹10,986 crore.101112
- Net value of new business (net VNB, the expected profit from policies sold in a period) was ₹3,136 crore in the quarter to Jun 2026, against ₹1,944 crore a year earlier; the net VNB margin was 22.9%, against 15.4%.13
- In the year to Mar 2026, standalone total premium income net of reinsurance ceded, as the company presents it, was ₹5,35,984.22 crore, against ₹4,88,148.16 crore a year earlier, and VNB was ₹14,179 crore at a 21.2% margin, against ₹10,011 crore at 17.6%.1415
- On its earnings call of 6 Aug 2026, the company said it expects the VNB margin to keep improving over the next few quarters, with the risk-free interest rate the one uncertain factor.16
Market position
Revenue mix
- Premium income by type1920
Item quarter to Jun 2026 quarter to Jun 2025 Individual, new business ₹14,351 crore ₹12,536 crore Individual, renewal ₹61,065 crore ₹58,938 crore Group ₹51,834 crore ₹47,726 crore - Annualised premium equivalent (new premiums, with single premiums counted at a tenth) by line2122
Item quarter to Jun 2026 quarter to Jun 2025 Individual, participating ₹5,085 crore ₹4,919 crore Individual, non-participating ₹2,447 crore ₹2,142 crore Group ₹6,160 crore ₹5,590 crore Total ₹13,692 crore – - At the end of June 2026 it offered 59 products and riders: 37 individual products, 13 group products, 1 product for both, 7 individual riders (optional add-on covers) and 1 group rider.23
New business by state
- Share of new business premium in India, largest states24
Item quarter to Jun 2026 Uttar Pradesh 11.99% Maharashtra 11.15% West Bengal 9.48% Tamil Nadu 6.74% Karnataka 6.65%
Capital and policy measures
- Assets under management were ₹59,39,384 crore at the end of June 2026, against ₹57,05,341 crore a year earlier, and the solvency ratio (available capital as a multiple of the regulator's minimum) was 2.42, against 2.17.2526
- Indian Embedded Value (the actuarial value of shareholders' interest in the policies in force) rose 1.58% to ₹7,89,185 crore at the end of March 2026, from ₹7,76,876 crore a year earlier.27
- Persistency (the share of premiums still being paid on policies sold earlier), measured up to the quarter to Jun 2026, was 75.33% at the 13th month and 61.12% at the 61st month, against 75.63% and 63.85% a year earlier.28
- The death claim settlement ratio (the share of death claims the company settled) was 94.03% in the quarter to Jun 2026, against 94.59% a year earlier.29
Branches and reach
- It had 14.46 lakh agents at the end of June 2026, 43.69% of all life insurance agents in India, and agents sold 98.51% of its policies in the quarter.303132
- At the end of June 2026 it had 113 divisional offices, 2,130 branch offices, including 78 pension and group scheme units, and 1,584 satellite offices.30
- Bancassurance and alternate channels, including micro insurance, brought ₹907.14 crore of new business premium in the quarter to Jun 2026, against ₹861.92 crore a year earlier, or 6.34% of individual new business premium.3334
- Under Bima Sakhi, an agency scheme for women launched on 9 Dec 2024, 2.87 lakh women agents were in place at the end of June 2026 and had sold 4.52 lakh policies with ₹656.91 crore of new business premium.3536
Recent events
- Dinesh Pant ceased to be a Managing Director on 24 Sep 2026 after the Government of India approved his voluntary retirement; in June 2026 the government had appointed him a whole-time member of the insurance regulator, IRDAI.3738
- On 1 Jun 2026 it launched LIC's New Jeevan Sathi, a joint-life savings plan, in single-premium and limited-premium versions; on 1 Apr 2026 it withdrew LIC's Nav Jeevan Shree single-premium plan.2339
- Its branch at the International Financial Services Centre in GIFT City, Gandhinagar, Gujarat, began operations on 27 Feb 2026.40
Litigation and regulatory matters
- On a consolidated basis, disputed statutory demands, including interest and penalty, not provided for in the accounts were ₹14,691.03 crore at the end of March 2026, against ₹24,111.08 crore a year earlier.41
- On 25 Mar 2026 it received an income tax demand for the year to Mar 2022 of ₹61,46,71,18,015 in tax and ₹9,53,25,87,935 in interest, appealable before the Commissioner of Income Tax (Appeals).42
- On 10 Dec 2025 Maharashtra's GST authority demanded ₹13,82,51,99,038 in tax, ₹8,49,56,90,949 in interest and ₹1,38,25,19,904 in penalty, alleging excess input tax credit (tax paid on purchases set against tax due) in years up to Mar 2024; the order is appealable.43
Last updated
All 43 sources, each with its page
- 1. Annual report, 3 Jul 2026, page 475
- 2. Annual report, 3 Jul 2026, page 338
- 3. Annual report, 3 Jul 2026, page 265
- 4. Annual report, 3 Jul 2026, page 265
- 5. Annual report, 3 Jul 2026, page 247
- 6. Annual report, 3 Jul 2026, page 827
- 7. Annual report, 3 Jul 2026, page 265
- 8. Annual report, 3 Jul 2026, page 222
- 9. Annual report, 3 Jul 2026, page 264
- 10. Investor presentation, 6 Aug 2026, page 10
- 11. Investor presentation, 6 Aug 2026, page 12
- 12. Investor presentation, 6 Aug 2026, page 51
- 13. Earnings call, 6 Aug 2026, page 5
- 14. Investor presentation, 6 Aug 2026, page 50
- 15. Annual report, 3 Jul 2026, page 249
- 16. Earnings call, 6 Aug 2026, page 14
- 17. Earnings call, 6 Aug 2026, page 4
- 18. Investor presentation, 6 Aug 2026, page 10
- 19. Earnings call, 6 Aug 2026, page 4
- 20. Investor presentation, 6 Aug 2026, page 10
- 21. Investor presentation, 6 Aug 2026, page 16
- 22. Earnings call, 6 Aug 2026, page 4
- 23. Investor presentation, 6 Aug 2026, page 6
- 24. Investor presentation, 6 Aug 2026, page 32
- 25. Investor presentation, 6 Aug 2026, page 12
- 26. Investor presentation, 6 Aug 2026, page 12
- 27. Annual report, 3 Jul 2026, page 249
- 28. Earnings call, 6 Aug 2026, page 6
- 29. Investor presentation, 6 Aug 2026, page 12
- 30. Investor presentation, 6 Aug 2026, page 25
- 31. Investor presentation, 6 Aug 2026, page 21
- 32. Earnings call, 6 Aug 2026, page 5
- 33. Earnings call, 6 Aug 2026, page 5
- 34. Earnings call, 6 Aug 2026, page 6
- 35. Earnings call, 6 Aug 2026, page 7
- 36. Investor presentation, 6 Aug 2026, page 24
- 37. Exchange filing, 25 Sep 2026, page 1
- 38. Exchange filing, 25 Sep 2026, page 3
- 39. Investor presentation, 6 Aug 2026, page 8
- 40. Annual report, 3 Jul 2026, page 265
- 41. Annual report, 3 Jul 2026, page 835
- 42. Exchange filing, 25 Mar 2026, page 1
- 43. Exchange filing, 10 Dec 2025, page 1
Results
Consolidated; ₹ crore. Gross premium is what policyholders paid in the period, before the part passed on to reinsurers.Life Insurance Corporation of India quarterly results
- Gross premium growth, 12 monthsGross premium growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +10.3%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +23.3%
Quarter to Jun 2026, against the quarter before
- Gross premium
- ₹1,27,796 Cr
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹13,584 Crdown 42.11%
Gross premium by quarter
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross premium | 1,20,478 | 1,07,428 | 1,48,222 | 1,19,754 | 1,27,087 | 1,26,177 | 1,65,361 | 1,27,796 |
| Net profit | 7,729 | 11,009 | 19,039 | 10,957 | 10,098 | 12,930 | 23,467 | 13,584 |
Year to Mar 2026, against the year before
- Gross premium
- ₹5,38,379 Cr
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹57,453 Crup 18.90%
Gross premium by year
Net profit by year, a loss in red
| ₹ crore | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Gross premium | 4,76,633 | 4,77,521 | 4,90,489 | 5,38,379 |
| Net profit | 35,997 | 40,916 | 48,320 | 57,453 |
Business segments
Share of net premium, year to Mar 2026, consolidated.Segment revenue and profit
- Life ParticipatingLife Participating, share of net premium. The line's net premium, the premium the insurer keeps after reinsurance, as a percentage of the net premium of all its reported lines together, leaving out the shareholders' account and unallocated items.₹2,84,776 Crup 1.90%53.0%
- Life Non ParticipatingLife Non Participating, share of net premium. The line's net premium, the premium the insurer keeps after reinsurance, as a percentage of the net premium of all its reported lines together, leaving out the shareholders' account and unallocated items.₹1,06,880 Crup 49.49%19.9%
- Pension Non ParticipatingPension Non Participating, share of net premium. The line's net premium, the premium the insurer keeps after reinsurance, as a percentage of the net premium of all its reported lines together, leaving out the shareholders' account and unallocated items.₹1,06,654 Crup 0.06%19.8%
- Linked Life Non ParticipatingLinked Life Non Participating, share of net premium. The line's net premium, the premium the insurer keeps after reinsurance, as a percentage of the net premium of all its reported lines together, leaving out the shareholders' account and unallocated items.₹20,835 Crup 47.77%3.9%
- Annuity Non ParticipatingAnnuity Non Participating, share of net premium. The line's net premium, the premium the insurer keeps after reinsurance, as a percentage of the net premium of all its reported lines together, leaving out the shareholders' account and unallocated items.₹15,826 Crup 0.18%2.9%
- Linked Pension Non ParticipatingLinked Pension Non Participating, share of net premium. The line's net premium, the premium the insurer keeps after reinsurance, as a percentage of the net premium of all its reported lines together, leaving out the shareholders' account and unallocated items.₹2,103 Cr0.4%
- Pension ParticipatingPension Participating, share of net premium. The line's net premium, the premium the insurer keeps after reinsurance, as a percentage of the net premium of all its reported lines together, leaving out the shareholders' account and unallocated items.₹319 Cr0.1%
- Health Non ParticipatingHealth Non Participating, share of net premium. The line's net premium, the premium the insurer keeps after reinsurance, as a percentage of the net premium of all its reported lines together, leaving out the shareholders' account and unallocated items.₹172 Cr0.0%
- Linked Health Non ParticipatingLinked Health Non Participating, share of net premium. The line's net premium, the premium the insurer keeps after reinsurance, as a percentage of the net premium of all its reported lines together, leaving out the shareholders' account and unallocated items.₹33 Cr0.0%
- Variable Non ParticipatingVariable Non Participating, share of net premium. The line's net premium, the premium the insurer keeps after reinsurance, as a percentage of the net premium of all its reported lines together, leaving out the shareholders' account and unallocated items.₹3 Cr0.0%
- Annuity ParticipatingAnnuity Participating, share of net premium. The line's net premium, the premium the insurer keeps after reinsurance, as a percentage of the net premium of all its reported lines together, leaving out the shareholders' account and unallocated items.₹2 Cr0.0%
- Capital Redemption Annuity certain Non ParticipatingCapital Redemption Annuity certain Non Participating, share of net premium. The line's net premium, the premium the insurer keeps after reinsurance, as a percentage of the net premium of all its reported lines together, leaving out the shareholders' account and unallocated items.₹1 Cr0.0%
Valuation
Today, against the company's own history.Life Insurance Corporation of India PE ratio and valuation
At or below today's level on 2% of 606 trading days over the last 3 years.
At or below today's level on 1% of 905 trading days since Aug 2022.
At or below today's level on 99% of 1,100 trading days since May 2022.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −6.5% | +18.9% | −23.7% | 2.8% |
| 3 years | +12.5% | +16.9% | −5.2% | 1.8% |
Mutual fund holdings
245 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 93 of the 123 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 4 more funds filed their first portfolio on record, holding it.All 245 funds holding Life Insurance Corporation of India
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 7
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 4
- AddedAdded. Funds that held more shares than at the end of the month before.
- 85
- CutCut. Funds that held fewer shares than at the end of the month before.
- 38
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 107
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 11
| Fund | |||
|---|---|---|---|
| 8,45,17,093 | 5.83% | ₹3,340.1 Cr | |
| 8,01,07,788 | 3.76% | ₹3,165.9 Cr | |
| 5,00,70,055 | 2.59% | ₹1,978.8 Cr | |
| 5,00,00,000 | 2.29% | ₹1,976.0 Cr | |
| 4,20,00,000 | 3.31% | ₹1,659.8 Cr | |
| 3,89,48,564 | 4.22% | ₹1,539.2 Cr | |
| 3,70,07,543 | 2.88% | ₹1,462.5 Cr | |
| 3,03,92,970 | 1.17% | ₹1,201.1 Cr | |
| 1,47,10,277 | 0.81% | ₹581.4 Cr | |
| 1,28,00,000 | 0.97% | ₹505.9 Cr |
Promoter and insider buying and selling
Trades made since 29 Oct 2025.Life Insurance Corporation of India insider trading
- Promoters and promoter group0 purchases, 1 saleNo purchase₹31,552 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.−₹31,552 Cr
Life Insurance Corporation of India competitors and peers
Insurance, 13 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Life Insurance Corporation of India in market cap.Finance companies
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1,67,238 | 62.98 | 8.14 | +16.9% | +8.2% | 13.7% | – | 0.16% | |
| 1,11,693 | 54.53 | 5.74 | +17.8% | +8.2% | 11.2% | – | 0.41% | |
| 79,129 | 30.97 | 4.40 | +14.3% | −8.8% | 15.2% | – | 0.88% | |
| 59,791 | 33.98 | 4.09 | +15.2% | +34.0% | 12.9% | – | 0.40% | |
| 57,036 | 6.41 | 0.93 | +4.3% | +4.0% | 15.8% | – | 4.08% | |
| 42,263 | – | 7.39 | +17.6% | – | – | 4.1% | 0.00% | |
| 30,564 | 29.00 | 4.03 | – | +97.7% | 14.4% | – | 0.00% | |
| 27,100 | 37.78 | 1.11 | +10.5% | −36.6% | 3.0% | – | 0.91% |
Dividends
Per share, by the year it was paid for, and the latest payments.Life Insurance Corporation of India dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossary| Ex-date | Type | Per share |
|---|---|---|
| 25 Jun 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹10.00 |
| 25 Jul 2025 | Final | ₹12.00 |
| 19 Jul 2024 | Final | ₹6.00 |
| 21 Feb 2024 | Interim | ₹4.00 |
| 21 Jul 2023 | Final | ₹3.00 |
| 25 Aug 2022 | Final | ₹1.50 |
Latest announcements
Routine notices left out.Life Insurance Corporation of India announcements
Oct 2026
14 Oct · Board meeting
12 Oct · General Updates
Life Insurance Corporation of India annual report, year to Mar 2026
Life Insurance Corporation of India share price by year
Each calendar year to 2025.Life Insurance Corporation of India share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 427.45 | −4.2% | 486.40 | 364.60 |
| 2024 | 446.00 | +7.1% | 594.05 | 411.93 |
| 2023 | 416.25 | +21.6% | 416.25 | 265.93 |
| 2022 | 342.30 | – | 438.18 | 294.60 |
Recent sessions
The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | 381.20 | 389.20 | 380.80 | 387.70 | 386.55 | 76,28,205 | 62.1% |
| 26 Oct 2026 | 381.50 | 385.20 | 377.40 | 380.95 | 381.13 | 75,82,932 | 62.1% |
| 23 Oct 2026 | 388.10 | 388.75 | 377.10 | 381.50 | 380.27 | 1,09,50,325 | 64.5% |
| 22 Oct 2026 | 390.10 | 391.00 | 384.20 | 387.50 | 387.50 | 1,04,69,733 | 78.2% |
| 21 Oct 2026 | 394.00 | 397.15 | 389.15 | 392.05 | 390.72 | 92,29,853 | 74.2% |
| 19 Oct 2026 | 396.10 | 398.00 | 391.00 | 393.35 | 392.91 | 57,25,234 | 76.8% |
| 16 Oct 2026 | 395.00 | 398.30 | 391.40 | 397.75 | 395.36 | 66,24,970 | 55.8% |
| 15 Oct 2026 | 401.90 | 401.90 | 393.10 | 394.00 | 396.13 | 99,13,102 | 48.0% |
| 14 Oct 2026 | 394.80 | 395.85 | 391.35 | 394.00 | 393.56 | 49,18,618 | 54.0% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus share history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 29 May 2026 | Bonus | 0.5000 | Holders received 1 bonus share for every 1 held. |
Company details
- NSE symbol
- LICI
- BSE code
- 543526
- ISIN
- INE0J1Y01017
- Industry
- Insurance
- Website
- www.licindia.in
- Registered office
- Yogakshema, Jeevan Bima Marg, Nariman Point, Mumbai 400021, Maharashtra
- Share registrar
- KFin Technologies Ltd
- Keeps the register of shareholders and handles transfers and dividend payments