LIC receives Income Tax Refund of Rs.25,464 Crore
The Life Insurance Corporation of India (LIC) said it received an income tax refund of Rs. 25,464 crores for interim bonuses paid to policyholders during the last seven assessment years.
According to the ruling of the Income Tax Appellate Tribunal (ITAT), the Income Tax Department has issued intimation for a refund of Rs. 25,464.46 crore, LIC said in a regulatory filing on Thursday.
LIC showed a net profit of Rs 17,469 crore for the first half of the financial year ending September, up from Rs. 16,635 crore the previous year.
As per the filing, LIC’s new business premium income (individual) sector increased by 2.65% in the first half of the current financial year to Rs. 25,184 crores, up from Rs. 24,535 crores the previous year.
The new business premium is the premium that is required during the first policy year of a life insurance contract.
In terms of market share measured by first-year premium income as per the insurance regulator IRDAI, LIC continues to be the market leader in the life insurance business, with a total share of 58.50 percent.
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