Life Insurance Corporation of India (LIC) on Friday said the Income tax Department has released refunds aggregating ₹21,740.77 crore for seven assessment years beginning 2012-13. This refund will boost the life insurance behemoth’s bottomline in the fourth quarter. “The total amount of refund was ₹25,464.46 crore. In this regard, the IT Department has released ₹21,740.77 crore on February 15, 2024. The corporation is pursuing for the balance with the IT Department,” LIC said in a regulatory filing.
The corporation reported a 49 per cent year-on-year jump in third quarter standalone net profit at ₹9,444 crore against ₹6,334 crore in the year ago quarter.
In the nine months ended December 31, 2023, LIC reported a 17 per cent y-o-y increase in standalone net profit at ₹26,913 crore as against ₹22,970 crore in the year-ago period.
The current nine-month period profit includes the transfer of an amount of ₹21,461 crore (Net of Tax), pertaining to the accretions on the available solvency margin from non-par to shareholders account.