LIC shares climb 2% after receiving a Rs 21,740 crore payout
LIC shares: Stock markets have been informed by LIC that the company is pursuing the remaining amount with the income tax authorities, with a total refund value of Rs 25,464 crore. On February 19, afternoon, shares of Life Insurance Corporation (LIC) of India Limited surged by more than 2 percent following the insurer’s announcement that it had received reimbursement orders totaling Rs 21,740 crore.
In a regulatory filing dated February 16, the company stated that the refund pertained to the period spanning from 2012 to 2019, totaling Rs 25,464 crore. The company further disclosed its ongoing efforts to recover the remaining balance from the Income Tax Department.
By 12:30 pm, the stock was trading at Rs 1,056 on the National Stock Exchange, marking a 1.6 percent increase from the previous close. Over the past month, the stock has experienced a notable surge of 17 percent.
The insurer unveiled a new product named Amritbaal on February 17th. This offering is a non-linked, non-participating, individual, and savings life insurance plan. In the December quarter, the state-run insurer posted impressive earnings, largely propelled by a boost in net income from investments and a rise in net premium income.
LIC reported a significant 49 percent year-on-year increase in net profit, reaching Rs 9,441 crore. Additionally, its net premium income during the quarter witnessed a 4.67 percent year-on-year growth, reaching Rs 1.17 lakh crore.
