Income Tax Department: The country’s largest insurance company Life Insurance Corporation of India i.e. LIC has received an income tax refund of Rs 25,464 crore. The company said that this refund is related to the interim bonus of policyholders in the last seven assessment years.
LIC said in a regulatory filing that under the orders of the Income Tax Appellate Tribunal (ITAT), the Income Tax Department has issued a notification for refund of Rs 25,464.46 crore. LIC had reported a net profit of Rs 17,469 crore in the first half ended September, compared to Rs 16,635 crore in the same period a year ago.
2.65% growth in LIC’s new business premium income segment
According to the filing, LIC’s new business premium income (individual) segment recorded a growth of 2.65% to Rs 25,184 crore in the first half of the current financial year. Whereas in the year-ago period it was Rs 24535 crore. New Business Premium is the premium payable in the first policy year of the life insurance contract.
LIC market leader in insurance business with 58.50% share
According to insurance regulator IRDAI, LIC remains the market leader in the life insurance business with a total share of 58.50% in terms of market share measured by first year premium income.
In the six months ended September 30, LIC’s market share in individual business was 40.35% and in group business was 70.26%. On Friday, LIC shares closed at Rs 828 with a slight decline of 0.72%. The market cap of the company is Rs 5.25 lakh crore.
