The LIC board has authorized an interim dividend of Rs 4 per fairness share of face worth of Rs 10 every for FY24.
The refund is more likely to increase the underside line of the company within the fourth quarter.
Life Insurance Corporation of India has acquired an revenue tax refund order of Rs 25,464 crore, and it’s more likely to be realised through the present quarter, its chairman Siddhartha Mohanty stated.
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 expounded to interim bonuses to policyholders prior to now seven evaluation years.
“We are pursuing the matter, and we are hopeful of getting a refund from the Income Tax Department during this quarter itself,” Mohanty stated through the put up-outcome interplay.
During the quarter, he stated, the Life Insurance Corporation of India (LIC) can be launching extra new merchandise, together with little one safety.
In the third quarter, LIC launched Jeevan Utsav, Index Plus and a few extra merchandise, serving to it to extend the worth of latest enterprise (VNB) margin ranges to 16.6 per cent.
The refund is more likely to increase the underside line of the company within the fourth quarter.
The state-owned insurer final week reported a 49 per cent bounce in internet revenue to Rs 9,444 crore for the third quarter ended December 2023 in opposition to Rs 6,334 crore within the 12 months-in the past interval.
Its internet premium revenue improved to Rs 1,17,017 crore within the third quarter of the present fiscal from Rs 1,11,788 crore in the identical interval a 12 months in the past.
LIC’s complete revenue additionally rose to Rs 2,12,447 crore within the newest December quarter in comparison with Rs 1,96,891 crore within the 12 months-in the past interval.
The LIC board has authorized an interim dividend of Rs 4 per fairness share of face worth of Rs 10 every for FY24.
The revenue for the 9 months that ended December 2022 was Rs 22,970 crore is just not comparable because it included an quantity of Rs 4,542 crore (Net of Tax) pertaining to the accretions on the Available Solvency Margin for the final quarter of 2021-22, which was transferred from Non-Par fund to shareholders account on September 30, 2022, Mohanty had stated.
The complete premium revenue for the 9-month interval ended December 31, 2023, was Rs 3,22,776 crore in comparison with Rs 3,42,244 crore a 12 months in the past.
(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)
