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The Life Insurance Corporation of India (LIC) has recently garnered attention for its financial activities, as it received a substantial income tax refund of ₹21,740 crore from the Income Tax Department. However, with ₹3,700 crore still pending, the insurer awaits further reimbursements.
Reported by The Economic Times, LIC’s total refund amount amounted to ₹25,464.46 crore, encompassing Assessment Years 2012-13 through 2019-20. Despite the significant refund received, LIC confirmed that a portion of the sum, ₹3,700 crore, is yet to be disbursed, with ongoing efforts to secure the remaining amount from the Income Tax Department.
In a statement, LIC expressed its commitment to resolving the pending refund, indicating proactive engagement with tax authorities to facilitate the release of the outstanding funds.
Alongside its tax refund endeavors, LIC made headlines for capitalizing on windfall gains during the December 2023 quarter. The insurer sold shares worth $4.7 billion in listed domestic companies, capitalizing on the stock market’s record high performance.
This financial maneuver coincided with robust quarterly reports, showcasing a remarkable 49% year-on-year growth in net profits for the December quarter of FY2024, soaring to ₹9,444.4 crore from ₹6,334.2 crore in the corresponding period last year.
Despite these successes, LIC’s shares experienced a downturn, witnessing a 1.52% decline on Friday’s market close, sliding to ₹1,039 apiece amidst a marginal 0.52% rise in the overall market.
The challenging market conditions impacted LIC’s market capitalization significantly, leading to a staggering ₹26,217 crore reduction in valuation, resulting in a total market cap of ₹6,57,420.26 crore on Friday. This decline contributed to an overall wealth erosion of ₹71,414.03 crore among the top-10 most valued firms in India, with LIC and Tata Consultancy Services (TCS) registering as the largest underperformers.
Despite these fluctuations, LIC remains a key player in India’s financial landscape, navigating both challenges and opportunities to sustain its position as a prominent insurer and investor in the nation’s economy.
Sources By Agencies
