The Corporation is pursuing for the balance with the Income Tax Department
FinTech BizNews Service
Mumbai, February 17, 2024: LIC of India received refund orders for Rs21,740.77 Crores from Income Tax Dept. on 15.02.2024.
Life Insurance Corporation of India had received refund orders for Assessment Years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20. The total amount of refund was Rs25,464.46 Crore. In this regard Income tax Department has released Rs21,740.77 Crore on 15.02.2024. The Corporation is pursuing for the balance with the Income Tax Department.
Life Insurance Corporation of India reported 49% increase in its net profit at Rs94.44 billion (Bn) for the Q3, 2023-24. LICs net profit was Rs63.34 bn in the year ago period. The Profit after Tax (PAT) for the nine months period ended December 31st, 2023 was Rs26,913 crore. The current period profit includes an amount of Rs21,461 crore (Net of Tax), pertaining to the accretions on the available solvency margin, transferred from Non Par fund to shareholders account. The PAT for similar nine months period ended December 31st, 2022 was Rs22,970 crore is not comparable since it included an amount of Rs.4,542 crore (Net of Tax) pertaining to the accretions on the Available Solvency Margin for the last quarter of FY 2021-22 which was transferred from Non Par fund to shareholders account on September 30th 2022.
In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader by market share in Indian life insurance business with overall market share of 58.90%. For nine months ended December 31st 2023, LIC had a market share of 38.74 % in Individual business and 72.24% in the group business.
