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LIC expects to get income tax refund of Rs 25,464 crore in fourth quarter

New Delhi: Life Insurance Corporation of India have received one income tax refund Order of Rs 25,464 croreand is likely to be realized during the present quarter, its president Siddharth Mohanty said. Last month, the Income Tax Department, Income Tax Appellate Tribunal (ITAT) had issued notice for refund of Rs 25,464.46 crore. The refund pertains to interim bonuses paid to policyholders in the last seven assessment years.
Speaking after the results, Mohanty said, “We are pursuing the matter and we hope to get the refund from the Income Tax Department during this quarter.”
He said, during the quarter Life Insurance Corporation of India (LIC) will launch more new products including child protection.
In the third quarter, LIC launched Jeevan Utsav, Index Plus and a few more products, which helped it increase the value of new business (VNB) margin level to 16.6 per cent.
The corporation’s profit is likely to increase due to refunds in the fourth quarter.
The state-owned insurer last week reported a 49 per cent rise in net profit to Rs 9,444 crore for the third quarter ended December 2023, from Rs 6,334 crore in the year-ago period.
Its net premium income increased to Rs 1,17,017 crore in the third quarter of the current financial year, from Rs 1,11,788 crore in the same period a year ago.
LIC’s total income also rose to Rs 2,12,447 crore in the latest December quarter from Rs 1,96,891 crore in the year-ago period.
The LIC board has approved an interim dividend of Rs 4 on each equity share of face value Rs 10 for FY24.
Profit for the nine months ended December 2022 was Rs 22,970 crore, which is not comparable as it included an amount of Rs 4,542 crore (net of tax) related to accretion on solvency margin available for the last quarter of 2021-22, which Mohanty said Said that it was transferred from the non-par fund to the shareholders’ account on September 30, 2022.
Total premium income for the nine-month period ending December 31, 2023 stood at Rs 3,22,776 crore, compared to Rs 3,42,244 crore a year ago.

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