Page 7 - Life Insurance Corporation

LIC expects income tax refund of Rs 25,464 cr in Q4, says chairman

Life Insurance Corporation of India has received an income tax refund order of Rs 25,464 crore, and it is likely to be realised during the current quarter, its chairman Siddhartha Mohanty said. Last month, the Income Tax Appellate Tribunal (ITAT), Income Tax Department, issued intimation for a refund of Rs 25,464.46 crore. The refund is related to interim bonuses to policyholders in the past seven assessment years. "We are pursuing the matter, and we are hopeful of getting a refund from the Income Tax Department during this quarter itself," Mohanty said during the post-result interaction. During the quarter, he said, the Life Insurance Corporation of India (LIC) would be launching more new products, including child protection. In the third quarter, LIC launched Jeevan Utsav, Index Plus and some more products, helping it to increase the value of new business (VNB) margin levels to 16.6 per cent. The refund is likely to boost the bottom line of the corporation in the fourth quarter.

LIC MF chalks out growth path, aims for Rs 1 trillion AUM by 2026

With new CEO at helm, fund house to focus on performance, distribution reach

LIC surges 10%; storms into top-5 most-valued club as m-cap tops Rs 7 trn

LIC with a market cap of Rs 7.24 trillion overtook Infosys to break into the top-5 club; Stock has gained 38 per cent in the last one month.

LIC Q3 results: Profit rises 49% to Rs 9,444 cr, total income at Rs 2 trn

State-owned insurer LIC on Thursday reported a 49 per cent jump in net profit at Rs 9,444 crore for the third quarter ended December 2023. The country's biggest insurer had a net profit of Rs 6,334 crore in the year-ago period, according to a regulatory filing. Its net premium income rose to Rs 1,17,017 crore in the third quarter of the current fiscal from Rs 1,11,788 crore in the same period a year ago. LIC's total income increased to Rs 2,12,447 crore in the latest December quarter compared to Rs 1,96,891 crore in the year-ago period.

Stocks to Watch today, Feb 8: Banks, Auto, Zomato, Adani Ports, LIC, TCP

Stocks to Watch on Thursday, February 8: Shares of banking and finance, auto, housing, and real estate will be in focus as the Reserve Bank of India is set to announce the decision of it's MPC meeting

LIC tops Rs 1,000-mark; Can rally another 13% suggests tech chart

The stock has rallied over 67 per cent since late November, and looks to be favourably placed on multiple time-frames as per the technical charts.

LIC soars 6%, crosses the Rs 1,000-mark for the first time ever

The stock hit a new all-time high at Rs 1,028 amid a sharp rally in public sector undertaking (PSU) stocks

LIC's $30 billion market rally gives IPO investors chance at redemption

The state-owned life insurer's stock climbed 1.9% Tuesday, to close at its highest level since its IPO in May 2022

Reserve Bank of India allows LIC to increase stake in HDFC Bank to 9.99%

HDFC Bank further said LIC has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year, i.e., by January 24, 2025

IDBI Bank Q3 net profit jumps 57% to Rs 1,458 cr on better interest income

IDBI Bank on Saturday reported a 57 per cent growth in net profit to Rs 1,458 crore in the third quarter ended December 31, on lower provisioning and better interest income. The LIC-controlled bank had a net profit of Rs 927 crore in the October-December quarter of 2022. The bank's interest income improved during the third quarter of the current fiscal to Rs 6,541 crore, as against Rs 5,231 crore in the same period last fiscal. The gross non-performing asset (NPA) ratio improved to 4.69 per cent as on December 31, 2023, as against 13.82 per cent as on December 31, 2022. Similarly, the net NPA also declined to 0.34 per cent, as compared to 1.08 per cent at the end of December 2022. As a result provisioning and contingencies came down to Rs 320 crore in the December quarter, from Rs 784 crore in the same quarter of the last fiscal. Provision Coverage Ratio (including Technical Write-Offs) stood at 99.17 per cent as on December 31, 2023. During the quarter Capital Adequacy Ratio of

At 6 trn, LIC m-cap surpasses HUL, ITC; stock hits all-time high, surge 5%

LIC stock news: In the past one month, the market price of LIC has zoomed 25 per cent as compared to less than 2 per cent gain in the benchmark index

LIC launches non-participating product Jeevan Dhara-II: Check details here

According to the exchange filing, the product, which will be available from 22 January 2023, is a non-linked, non-participating, individual savings deferred annuity plan

Jio continues to remain country's strongest brand for 2024: Report

Jio, the telecom and digital arm of billionaire Mukesh Ambani's Reliance, continues to be the strongest Indian brand, ahead of likes of Life Insurance Corporation and State Bank of India, according to the latest report 'Global-500 2024' published by Brand Finance. Jio had topped India's strong brands in Brand Finance's 2023 rankings as well. In the 2024 ranking, Jio is placed at the 17th position among the world's strongest brands with a Brand Strength Index of 88.9 in the list led by WeChat, YouTube, Google, Deloitte, Coca Cola and Netflix. LIC is placed at the 23rd place on the list, followed by SBI at 24th rank. It is ahead of brands like EY, and Instagram. "Jio, a relatively new entrant in the telecommunications sector, emerges as the strongest brand with a notable 14 per cent increase in brand value to USD 6.1 billion, alongside a high brand strength index score of 89.0 and associated AAA brand rating," the report said. "Jio's meteoric rise in the telecom industry is benefiti

LIC at 20-mth high, nears listing day-lifetime high; up 69% from March low

LIC hit a 20-month high of Rs 895. It has recovered 69 per cent from its 52-week low level of Rs 530.20 touched on March 29, 2023

LIC receives another Income Tax demand notice worth Rs 1,370.60 crore

The state-owned insurer received a demand order worth Rs 1,370.60 crore from the Income Tax authorities in Mumbai

LIC ups stake in Navin Fluorine International to 5.04% from 4.79%

The shares of Navin Fluorine ended 3.1% lower on the BSE to close the day at Rs 3,500.20 a piece

Stocks to Watch today, Jan 4: Adani Ports, NTPC, LIC, IT, Vedanta, OIL, IEX

Stocks to Watch on Thursday, January 4, 2024: The board of directors of Adani Ports and Special Economic Zone Limited (APSEZ) has approved raising funds up to Rs 5,000 crore

LIC receives GST demand notice of Rs 116 crore for Telangana state

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 116 crore on it for short payment of Goods and Services Tax (GST) for 2017-18. The company has received communication/demand order for interest and penalty for Telangana state on January 2, LIC said in a regulatory filing. The corporation shall file an appeal before Joint Commissioner (ST), Hyderabad Rural Division against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. The demand for Telangana came a day after LIC on Monday received a similar notice demanding about Rs 806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra.

Stocks to Watch today, Jan 2: BHEL, Coal India, LIC, Nestle, TVS Motor

Stocks to Watch on Tuesday, January 2, 2024: BHEL has clarified that it has not bagged the order worth Rs 19,400 crore from NLC India Ltd

LIC gets GST notice of Rs 806 crore; insurer says will file an appeal

The total includes GST worth Rs 365.02 crore, penalty of Rs 404.7 crore and interest of Rs 36.5 crore