LIC, the largest insurance company in India has received Rs 21740 crore tax refund from Income Tax. Let’s have a look at the financial insights of LIC.
Tax Refund
- Amount Received: Life Insurance Corporation of India (LIC) got a refund of ₹21,740.77 crore from the Income Tax Department.
- Years Covered: The refund is for Assessment Years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19, and 2019-20.
- Total Refund: Initially, the total refund amount was ₹25,464.46 crore.
Pending Refund
- Status: LIC confirmed receiving ₹21,740.77 crore, and they are following up with the Income Tax Department for the remaining ₹3,700 crore.
Financial Gains in Shares
- December Quarter Highlights: LIC sold shares worth $4.7 billion in the December quarter, capitalizing on the market’s bullish trend.
- Investment Sales: LIC sold parts of its investments in around 100 top-listed companies, totaling ₹39,163 crore, the highest ever in the third quarter of a financial year.
Financial Performance
- December Quarter Profits: LIC witnessed a 49% year-on-year increase in net profit, reaching ₹9,444.4 crore compared to ₹6,334.2 crore in the same period last year.
- Growth Factors: This growth is attributed to increased net income from investments and a rise in net premium income.
- Net Premium Income: LIC’s net premium income grew by 4.6% to ₹1.17 trillion compared to ₹1.11 trillion in Q3 FY24.
- Interim Dividend: LIC’s board proposed an interim dividend of ₹4 per share for FY24, with a record date set for 21 February 2024.
- Investment Income: LIC’s net income from investments during the December quarter rose by 12% year-on-year to ₹95,266.8 crore.
- Expenses: Management expenses increased by 32% year-on-year to ₹18,193.8 crore.
