India’s Life Insurance Corporation ( LIC ) recently disclosed receiving tax refund orders totaling ₹21,740.77 crore from the Income Tax Department. These refunds pertain to Assessment Years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19, and 2019-20, with the overall refund amounting to ₹25,464.46 crore. On February 15, 2024, the Income Tax Department disbursed ₹21,740.77 crore, while LIC continued to pursue the remaining ₹3,700 crore with the tax authorities. Simultaneously, LIC experienced substantial gains in the December quarter, capitalizing on a bullish market by selling a record $4.7 billion worth of shares in listed domestic companies.

The insurer divested holdings in approximately 100 top-listed firms, totaling ₹39,163 crore based on volume-weighted average prices for the October-December period—a historic achievement for the third quarter of a financial year. LIC’s financial success extended into the December quarter of FY2024, witnessing a remarkable 49% YoY surge in net profit, reaching ₹9,444.4 crore compared to ₹6,334.2 crore in the same period the previous year.

This improved performance was primarily attributed to increased net income from investments and a rise in net premium income. Notably, India’s largest insurer observed a 4.6% growth in net premium income, reaching ₹1.17 trillion in Q3 FY24, compared to ₹1.11 trillion in the corresponding quarter of the previous fiscal year.

Source: Taxscan.in