LIC received refund orders for Rs 21,740 crore from Income Tax Department

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 Rs 25,464.46 crore. In this regard, the Income Tax Department has released Rs. 21,740.77 crore on February 15.

The Corporation is pursuing the balance with the Income Tax Department, LIC said.

LIC's Profit after Tax (PAT) for the nine months period ended December 31, 2023 was Rs 26,913 crore.

The current period profit includes an amount of Rs 21,461 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 31, 2022 was Rs 22,970 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 30, 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 per cent.

For nine months ended December 31, 2023, LIC had a market share of 38.74 per cent in individual business and 72.24 per cent in the group business.