They will receive gross payments of 8.4c a share on their co-op shares and 54.91c on the investment shares listed on the NZAX.
Total dividend for the year ended May 31 will be a record $16.75 million, up from $11.99m a year earlier.
Dividends will be paid on August 23.
LIC made an after-tax profit of $23.7m, down from $24.4m, with the fall caused by a lower revaluation of the elite breeding bulls, which were up $2.4m this year, compared to a $9.4m rise in 2012.
This figure fluctuated and was not a key measure of trading performance, chairman Murray King said.
Earnings before interest and tax (Ebit) rose to $27.29m from $19.25m.
LIC has a strong balance sheet, with equity providing 75% of total assets of $275.5m at balance date.
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