India’s Largest Insurance company with a market share of 62.58 percent in India, jumped 3 percent in the day’s trade upon receiving income tax refund orders worth Rs. 21,740.77 Crores.
With a market capitalization of Rs. 6,68,742 Crores, the shares of Life Insurance Corporation of India Limited were trading at Rs. 1,058.80, up 1.87 percent from its previous day’s close price of Rs. 1,039.40.
As per the filing on BSE, Life Insurance Corporation of India Limited has received income tax refund orders of Rs. 21,740.77 Crores for Assessment Years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20.
The total amount of the refund was Rs. 25,464.46 Crores, out of which Rs. 21,740.77 Crores were released, following LIC is pursuing the Income Tax Department to release the balance refund amount of Rs. 3715.69 Crores.
Life Insurance Corporation of India Limited is the largest insurance provider in India with a market share of 62.58 percent in new business premiums and it is the 10th largest life insurer globally by total premium volume.
Some of the products sold by Life Insurance Corporation of India Limited are Endowment plans, Pension Plans, Unit Linked Plans, Micro Insurance Plans Withdrawn Plans, Health Plans.
Its premium breakup is as follows, Renewal Premiums are 51.16 percent, Single Premiums and CAG 40.59 percent, and first-year premiums 8.23 percent.
Its revenue from operations grew by 8.47 percent from Rs. 7,20,515 Crores in FY22 to Rs. 7,81,543 Crores in FY23, accompanied by increasing profits of Rs. 4,043 Crores to Rs. 36,397 Crores.
Written by: Bharath K.S
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
