Page 7 - Lic

LIC receives demand notice of Rs 605.58 cr for short payment of GST

Life Insurance Corporation of India (LIC) on Thursday said tax authorities have slapped a demand notice of about Rs 605.58 crore on it for short payment of Goods and Services Tax (GST) for financial year 2019-20. The corporation has received a communication/demand order for interest and penalty for Maharashtra, LIC said in a regulatory filing. The order is appealable before the Joint Commissioner of State tax (Appeals), Mumbai, it said. The matter pertains to wrong availment and short reversal of Input Tax Credit (ITC) and interest on late payments, it said. LIC received a GST notice of Rs 294 crore with interest of Rs 281 crore and a penalty of Rs 29 crore from the Deputy Commissioner of State Tax, Mumbai. There is no material impact on financials, operations or other activities of the insurance behemoth, it added.

LIC Housing launches home loan scheme for armed forces at 8.4% rate

Offer has a limited validity period of around one month and 14 days

LIC agents income varies widely across India; Andaman tops list with 20,446

In terms of the number of agents, Life Insurance Corporation (LIC) has the lowest number of agents at 273 in the Andaman & Nicobar Islands

LIC's refusal to assign policies to ACESO will be contempt of court: Mehta

Established in 2018, ACESO monetises the assets of LIC policyholders to ensure maximum financial benefits, especially in cases where the policies are surrendered or lapsed

Interest rate derivatives to get boost as top insurer LIC enters market

Forward rate agreements (FRA) are contracts between banks and insurance firms that allow the latter to lock in rates for a future date, protecting them from volatility

LIC drives new biz premium growth of life insurance companies in July

The growth in the premium was driven by LIC, while a high base effect impacted the improvement of private life insurers, analysts said

LIC to invest around Rs 1.30 trillion in stock market in FY25: MD & CEO

Life Insurance Corporation of India (LIC) MD and CEO Siddhartha Mohanty has said that the corporation is looking to make fresh investments of around Rs 1.30 lakh crore in equities during the current financial year. During April-June FY25, the insurance behemoth made an investment of about Rs 38,000 crore in shares as against Rs 23,300 crore in the same period a year ago. LIC earned a profit of Rs 15,500 crore from its investments in equity markets during the first quarter. The profit from its investment was higher by 13.5 per cent quarter-on-quarter. "We are surely looking at the markets and price movements...we are looking to invest a good amount at least whatever we had invested in last financial year...LIC made an investment of around Rs 1.32 lakh crore in FY'24," he said. Market value of LIC's investment in stocks of various companies stood at around Rs 15 lakh crore at the end of June, he said. LIC has exposure in 282 companies through investment in their shares as of June 30

LIC's VNB margin falls short of medium-term target, say analysts

LIC's VNB margins improved by 20 basis points (bps) to 13.90 per cent in Q1 FY25 over the same period last year due to a change in the business mix of the insurer

LIC Q1 FY25 results: Net profit increases 9.6% to Rs 10,461 crore

LIC has booked a profit of Rs 15,500 crore in Q1FY25 from its equity investments

LIC Q1 results: PAT up 10% at Rs 10,461 cr, total income at Rs 2.1 trn

Life Insurance Corporation of India (LIC) on Thursday reported a 10 rise in its net profit to Rs 10,461 crore in the June 2024 quarter. The state-owned life insurance behemoth had a net profit of Rs 9,544 crore in the year-ago period. The total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period, LIC said in a regulatory filing. During the quarter under review, the first-year premium rose to Rs 7,470 crore as against Rs 6,811 crore in the year-ago period, it said. The insurer earned Rs 56,429 crore from renewal premiums as against Rs 53,638 crore a year ago. Net income from investments during the quarter rose to Rs 96,183 crore as compared to Rs 90,309 crore in the April-June period of previous fiscal. Solvency margin of LIC increased to 1.99 per cent as compared to 1.89 per cent in the same quarter a year ago.

Govt planning to reduce its stake in LIC by nearly 5% this fiscal: Report

Currently holding a 96.5 per cent stake in LIC, the government is considering options such as a follow-on public offer (FPO) and qualified institutions placement (QIP) to reduce its stake

LIC launches 4 new term new insurance plans 'catering to youngsters'

Plans have been designed for people who want to purchase insurance plans early in life, says company

Reliance Industries jumps two places on Fortune's Global 500 list

Oil-to-telecom-to-retail conglomerate Reliance Industries Ltd continues to be the highest-ranked Indian firm on the Fortune Global 500 list, jumping two places to be ranked at No.86 in the 2024 ranking. The firm was placed at No.88 in last year's ranking and has gained a whopping 69 places in the last three years - from being placed at No.155 in 2021 to being at No.86 in 2024. Releasing the 2024 list, Fortune on its website said Reliance has been on the 500 list for 21 years now. It had revenues of USD 108.8 billion and a profit of USD 8.4 billion last year. The 2024 ranking has nine Indian firms, five of them from the public sector. Insurance behemoth Life Insurance Corporation of India (LIC) jumped 12 places to be ranked at No.95 on the 2024 list while state-owned Indian Oil Corporation (IOC) slid 22 places to 116. State Bank of India (SBI) soared 57 spots to rank at No.178. Oil and Natural Gas Corporation (ONGC) and Bharat Petroleum Corporation Ltd (BPCL) were ranked at No.180

Yuva Term to Digi Term: LIC launches new products across categories

In a separate exchange filing, the life insurer stated that its Bangladesh office will be closed from August 5, 2024, to August 7, 2024

LIC announces closure of its Bangladesh office till Aug 7 due to curfew

Public sector LIC on Monday said its office in Bangladesh will remain closed till August 7. Over 100 people were killed in the last two days in fierce clashes between security forces personnel and anti-government protesters in different parts of Bangladesh, according to reports from Dhaka. In a regulatory filing, LIC said, "The office of LIC of Bangladesh Ltd will remain closed during the period from August 05, 2024 to August 07, 2024, due to the prevailing socio-political situation in Bangladesh." The government of Bangladesh has declared a curfew for 3 days from August 05, 2024, to August 07, 2024, LIC said. The students' protests in Bangladesh started last month against a controversial job quota scheme. The protests now have turned into an anti-government agitation. Shares of LIC closed at Rs 1,110, down 6.10 per cent over the previous close on the BSE.

LIC Housing Finance Q1 results: Net profit down 2% at Rs 1,300 crore

Total disbursements were at Rs 12,915 crore in Q1 FY25, as against Rs 10,856 crore for the corresponding period in FY24

Life insurance firms likely to see strong growth in non-linked policies

Industry preps for regulator's new norm asking companies to pay special surrender value to customers

IDBI Bank investors receive security clearance; await RBI approval

Central government and LIC are set to divest 61% stake amid strategic disinvestment drive. The govt aims to generate Rs 50,000 crore through asset monetisation this fiscal year

Mcap of 8 of top-10 most valued firms jumps Rs 2.1 trn; TCS, LIC sparkle

The combined market valuation of eight of the top-10 most valued firms jumped Rs 2,10,330.26 crore in a holiday-shorted last week, with Tata Consultancy Services (TCS) and Life Insurance Corporation of India emerging as the biggest gainers. Last week, the BSE benchmark climbed 85.31 points or 0.10 per cent. The 30-share BSE Sensex hit its new all-time high of 81,587.76 on Friday. Stock markets were closed on Wednesday on account of Muharram. From the top-10 group, the valuation of TCS zoomed Rs 42,639.16 crore to Rs 15,56,772.61 crore. The market capitalisation (mcap) of Life Insurance Corporation of India (LIC) surged Rs 36,748.23 crore to Rs 7,01,695.24 crore. Infosys added Rs 33,569.16 crore, taking its valuation to Rs 7,44,396.43 crore, while State Bank of India's mcap climbed Rs 26,372.23 crore to Rs 7,93,576.49 crore. Hindustan Unilever's mcap soared Rs 24,494.49 crore to Rs 6,40,651.30 crore, and that of ITC jumped Rs 19,420.52 crore to Rs 5,92,679.30 crore. The market ..

Insurance industry reports premium growth in Q1 FY25 ahead of Budget

State-owned LIC reports robust rise in life insurance business