Life Insurance coverage Company of India (LIC) has acquired an revenue tax refund order of Rs 25,464 crore, and it’s prone to be realised through the present quarter, mentioned chairman Siddhartha Mohanty. The refund, which is prone to enhance the underside line of the company within the fourth quarter, is said to interim bonuses to policyholders up to now seven evaluation years.
“We’re pursuing the matter, and we’re hopeful of getting a refund from the Revenue Tax Division throughout this quarter itself,” Mohanty mentioned through the post-result interplay. Through the quarter, he mentioned, the LIC could be launching extra new merchandise, together with little one safety.
Within the third quarter, LIC launched Jeevan Utsav, Index Plus, and a few extra merchandise, serving to it to extend the worth of latest enterprise (VNB) margin ranges to 16.6 per cent.
Final week, the state-owned insurer reported a 49 per cent leap in internet revenue to Rs 9,444 crore for the third quarter ended December 2023 towards Rs 6,334 crore within the year-ago interval. Its internet premium revenue improved to Rs 1,17,017 crore within the third quarter of the present fiscal from Rs 1,11,788 crore in the identical interval a 12 months in the past.
LIC’s complete revenue additionally rose to Rs 2,12,447 crore within the newest December quarter in comparison with Rs 1,96,891 crore within the year-ago interval. The board has accepted an interim dividend of Rs 4 per fairness share of face worth of Rs 10 every for FY24.
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The revenue for the 9 months that ended December 2022 was Rs 22,970 crore will not be comparable because it included an quantity of Rs 4,542 crore (Web of Tax) of the accretions on the Out there Solvency Margin for the final quarter of 2021-22, which was transferred from Non-Par fund to shareholders account on September 30, 2022, Mohanty had mentioned.
The overall premium revenue for the nine-month interval ended December 31, 2023, was Rs 3,22,776 crore in comparison with Rs 3,42,244 crore a 12 months in the past.
(With inputs from PTI)