The country’s largest insurance company Life Insurance Corporation of India (LIC) has received an income tax Refund order of Rs 25,464 Crore and is likely to receive it during the current quarter (January-March, 2024). LIC Chairman Siddharth Mohanty gave this information. Last month, the Income Tax Appellate Tribunal (ITAT) of the Income Tax Department had issued a notice for refund of Rs 25,464.46 crore. The refund pertains to interim bonuses paid to insurance holders in the last seven assessment years.

LIC will launch new products

During the announcement of quarterly results, Mohanty said that we are taking this matter forward and hope to get the refund from the Income Tax Department during this quarter. He said that during this quarter LIC will introduce more new products including child protection. LIC introduced Jeevan Utsav, Index Plus and some other policies in the third quarter, which helped increase the value of new business (VNB) margin level to 16.6 percent.

The refund is likely to increase the corporation’s net profit in the fourth quarter. Announcing the results of the third quarter (October-December, 2023) last week, the government insurance company said that during this period its net profit has increased by 49 percent to Rs 9,444 crore, which was Rs 6,334 crore in the same quarter of the last financial year. Was Rs.

Rise in company shares

Last week there was a tremendous rise in the shares of LIC. The company’s shares have seen an increase of 12.46 percent in the last week. Due to which the market cap of the company has come down to Rs 6,83,637.38 crore. Last week, the maximum increase in the market cap of LIC was also seen. During this period, an increase of Rs 86,146.47 crore has been seen in the market cap. However, on Friday the company’s shares closed at Rs 1080.85 with a fall of 2.30 per cent. However, the company’s shares had reached a record high of Rs 1175 on the same day.