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

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.