Latest News

LIC received Rs 21740 crore tax refund, Check Financial Data of LIC


➡️ Click here to join our Whatsapp Group

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.

Leave a Reply

Your email address will not be published. Required fields are marked *