Page 5 - Life Insurance Corporation

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.

Here is why SBI Life, HDFC Life, LIC shares rallied up to 4% on BSE today

Insurance stocks in focus: LIC has approached Irdai to increase the interest rate assumption and plan-based G-Sec assumption for the calculation of surrender value, reports say

LIC offloads 2.09% stake in Hindustan Copper for Rs 447 cr via open market

Life Insurance Corporation of India (LIC) on Monday said it has sold a 2.09 per cent stake in state-owned Hindustan Copper for Rs 447 crore through an open market transaction. The insurance behemoth has sold a total of 2,01,62,682 shares, or 2.085 per cent stake, in Hindustan Copper, according to a regulatory filing. The shares of Hindustan Copper were sold at an average cost of Rs 221.64 apiece, taking the transaction value to Rs 446.8 crore. With this, LIC's stake in the state-owned company has reduced to 6.09 per cent from 8.17 per cent. "Holding decreased from 8.171 per cent to 6.086 per cent, a decrease of 2.085 per cent during the period from September 27, 2023, to August 16, 2024, at an average cost of Rs 221.64," the filing said. Hindustan Copper Ltd (HCL) is under the administrative control of the Ministry of Mines. It is the only company in the country engaged in mining of copper ore and owns all the operating mining lease of Copper ore and also the only integrated produ

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

New biz premium of life insurers grows 14% to Rs 31,823 cr in July

Life insurers recorded a 14 per cent rise in underwriting new business with a premium collection of Rs 31,823 crore in July. The country's biggest insurer Life Insurance Corporation of India (LIC) saw a 19.78 per cent jump in its new business premium to Rs 18,431 crore from Rs 15,387 crore in July 2023. Data from the Life Insurance Council shows that its new business premium collection for the first four months of FY25 rose 26 per cent to Rs 75,872 crore from Rs 60,224 crore in the same period last year. New business premiums expanded from Rs 27,867 crore in July 2023 to Rs 31,823 crore in July 2024, with year-to-date collections growing even more from Rs 1,00,872 crore to Rs 1,21,549 crore this year, according to the council data. Driven by strong demand for enhanced insurance protection from individual consumers, new policy issuances too increased by 2.73 per cent on a year-on-year basis in July 2024, resulting in the addition of 23,88,720 new policies vis-a-vis 23,25,235 policie

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

Mcap of 8 of top-10 valued firms erodes by Rs 1.66 trn; Reliance, LIC lag

The combined market valuation of eight of the top-10 most valued firms eroded by Rs 1,66,954.07 crore last week, with Reliance Industries and Life Insurance Corporation of India emerging as the biggest laggards, in line with weak trend in equities. Last week, the BSE benchmark slumped 1,276.04 points or 1.57 per cent. The market capitalisation (mcap) of Reliance Industries tanked Rs 33,930.56 crore to Rs 19,94,765.01 crore, the most among the top-10 firms. The valuation of Life Insurance Corporation of India (LIC) slumped Rs 30,676.24 crore to Rs 7,17,001.74 crore. State Bank of India lost Rs 21,151.33 crore from its valuation which stood at Rs 7,35,566.52 crore. The market valuation of Infosys dived Rs 20,973.19 crore to Rs 7,35,277.28 crore and that of Tata Consultancy Services (TCS) tumbled Rs 19,157.77 crore to Rs 15,30,469.11 crore. Bharti Airtel's mcap got wiped out by Rs 16,993.56 crore to Rs 8,33,396.32 crore and ICICI Bank suffered an erosion of Rs 16,975.55 crore to Rs

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 share price surges 3% after Q1FY25 results; check details here

Shares of Life Insurance Corporation of India surged up to 3 per cent at Rs 1,159.60 per share on the BSE in Friday's early morning deals

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

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, HDFC Life: Insurers stocks log up to 20% gain in July; what next?

Technical charts suggest that bias for insurance shares, barring Star Health, remain upbeat; hence, these stocks could see up to 12 per cent further upside from current levels.

HDFC Life, SBI Life stocks rally up to 3% on Gadkari's GST withdrawal plea

Life insurance stocks: While analysts laud the proposal to withdraw GST on life, medical insurance premiums, they suggest investors wait for the Finance Ministry's before taking any investment call

Mcap of 6 of 10 valued firms jumps Rs 1.85 trn; LIC, Infosys top winners

The combined market valuation of six of the top 10 valued firms jumped Rs 1,85,186.51 crore last week, with Life Insurance Corporation of India (LIC) and Infosys emerging as the biggest gainers. Last week, the BSE benchmark climbed 728.07 points or 0.90 per cent. The valuation of LIC surged Rs 44,907.49 crore to Rs 7,46,602.73 crore. Infosys added Rs 35,665.92 crore to its market valuation at Rs 7,80,062.35 crore. ITC's valuation soared by Rs 35,363.32 crore to Rs 6,28,042.62 crore. The market capitalisation (mcap) of Tata Consultancy Services (TCS) jumped Rs 30,826.1 crore to Rs 15,87,598.71 crore and that of Bharti Airtel climbed Rs 30,282.99 crore to Rs 8,62,211.38 crore. HDFC Bank's valuation rallied Rs 8,140.69 crore to Rs 12,30,842.03 crore. However, the mcap of Reliance Industries tumbled by Rs 62,008.68 crore to Rs 20,41,821.06 crore. The valuation of ICICI Bank declined by Rs 28,511.07 crore to Rs 8,50,020.53 crore. State Bank of India's mcap declined by Rs 23,427.1 cro

LIC share at record high; m-cap hits Rs 7.56 trn post 39% rally in CY24

With today's gain, LIC's market capitalisation (m-cap) reached an all-time high of around Rs 7.56 trillion, making the life insurer the second largest listed public sector company

LIC stock is up 16% in July on the BSE; what's fueling the rise? Check here

Analysts remain optimistic about the medium-term outlook for the life insurance sector, and expect Retail APE to grow ~12-13 per cent during FY25E.

LIC regains market in new business premium; private peers cede ground

LIC's market share had peaked at 68.25 per cent in Q3FY23 and gradually declined over subsequent quarters

Life insurers extend rally on healthy growth in Q1; ICICI Pru at 52-wk high

As India marches forward to join the ranks of developed nations, the demand for long-term savings, protection and annuity products will only accelerate, believe life insurers.

LIC's residual stake value surges in top groups on stock market boom

Value of investments in top conglomerates at Rs 4.39 trn, up 37.5%