Life Insurance Corporation Of India Lic

Life insurance Dec new biz premium falls 21.7% to Rs 30,218.71 crore

LIC's premium fell 41.15 per cent Y-o-Y to Rs 13,523.87 crore, while private insurers reported 7 per cent Y-o-Y growth in NBP to Rs 16,694.85 crore

LIC reduces 1st-year agent payout to 28% after surrender value revision

First insurer to change commission after revision in surrender value norms

LIC earmarks Rs 600 crore for digital shift; to be 'paperless' in 2 years

LIC has appointed Boston Consulting Group as a consultant

Munjal Auto gets tax demand notice of Rs 6.7 cr from Haryana GST authority

Munjal Auto Industries is among many companies hit with tax notices within the last week. The company intends to appeal the GST notice

Yuva Term to Digi Term: LIC launches new products across categories

In a separate exchange filing, the life insurer stated that its Bangladesh office will be closed from August 5, 2024, to August 7, 2024

LIC launches project 'Jeevan Samarth' to meet customers' evolving needs

The life insurance giant has partnered with A T Kearney to undertake the transformation project by reviewing the existing agency framework of LIC on an end-to-end basis

LIC to enter health insurance market via private health insurer: Report

Earlier, LIC Chairman Siddhartha Mohanty had spoken about exploring "inorganic" options for the company's foray into the health insurance segment

LIC Q4 results: Net profit rises 2.5%, dividend declared at Rs 6 per share

The government who is the largest shareholder in the company will get a dividend of Rs 3,662 crore

LIC stock up 5.5% as Sebi gives 3 more yrs to meet public shareholding norm

LIC news: The revised timeline for LIC to achieve 10 per cent public shareholding is on or before May 16, 2027

LIC, GIC Re and New India Assurance Company retain the 'D-SII' tag

D-Slls are insurance companies which are perceived as 'too big or too important to fail'(TBTF) based on their size, market importance, and domestic and global interconnectedness

LIC world's strongest insurance brand: Brand Finance Insurance Report

According to the report, Cathay Life Insurance is the second strongest brand, with a 9 per cent increase in brand value to $4.9 billion

Front running case: LIC fires employee banned by Sebi from stock market

Markets regulator Sebi had last year found that a dealer in LIC, was in possession of non-public information regarding impending orders of LIC and acted as an information carrier

Valuation adrift: Uncharted course of low-float PSU rally, shows data

10 PSUs, with public shareholdings below 14%, ride the current, rallying 76% to 4.5 times

LIC gets tax refund of Rs 21,740 crore from Income Tax department

Out of this, the Income Tax Department has released Rs 21,740.77 crore. The company further added that it is pursuing the balance with the Income Tax Department

LIC expects income tax refund of Rs 25,464 cr in Q4, says chairman

Life Insurance Corporation of India has received an income tax refund order of Rs 25,464 crore, and it is likely to be realised during the current quarter, its chairman Siddhartha Mohanty said. 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 related to interim bonuses to policyholders in the past seven assessment years. "We are pursuing the matter, and we are hopeful of getting a refund from the Income Tax Department during this quarter itself," Mohanty said during the post-result interaction. During the quarter, he said, the Life Insurance Corporation of India (LIC) would be launching more new products, including child protection. In the third quarter, LIC launched Jeevan Utsav, Index Plus and some more products, helping it to increase the value of new business (VNB) margin levels to 16.6 per cent. The refund is likely to boost the bottom line of the corporation in the fourth quarter.

LIC's group yearly renewable premium rises by 137% in Apr-Jan FY24

In January 2024, LIC saw an increase of 36.51 per cent in Group Premium and 41.04 per cent growth in Group Yearly Renewable Premium from January 2023

LIC announces launch of unit linked, regular premium 'Index Plus'

According to exchange filing, the product which will be available from February 6, 2024 is a unit linked, non-participating, individual life insurance plan

LIC to acquire 10% stake in National Housing Board-promoted company

Life Insurance Corporation of India (LIC) on Monday said its board has approved acquiring up to 10 per cent in a company promoted by the National Housing Bank (NHB). In a regulatory filing, LIC said the board has cleared the proposal to invest in a new company, promoted by the NHB, for residential mortgage-backed securities, through equity contribution up to 10 per cent of the share capital. The investment is to be made in one or more tranches, it added. Details about the company were not disclosed. LIC has a housing finance subsidiary -- LIC Housing Finance Ltd -- that was incorporated in 1989. This company went public in 1994 and since then its stocks are listed on the National Stock Exchange (NSE) and Bombay Stock Exchange Limited (BSE).

LIC receives GST demand notice of Rs 663 crore from Chennai tax officials

Life Insurance Corporation of India (LIC) on Wednesday said tax authorities have slapped a demand notice of about Rs 663.45 crore on it for short payment of Goods and Services Tax (GST). The corporation has received communication/demand order for interest and penalty from Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate on January 1, LIC said in a regulatory filing. The demand pertains to wrong availment of Input Tax Credit (ITC) and non-payment on tax on turnover wrongly declared as non-GST supply in GSTR-1 for 2017-18, and 2018-19, it said. The corporation shall file an appeal before the Commissioner (Appeals), Chennai against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. On Tuesday, the company received a demand order for interest and penalty of about Rs 116 crore for Telangana state for short payment of GST for 2017-18. The deman

Private players see 6% rise in benefits paid to Rs 1.57 trillion in FY23

LIC, while seeing a marginal decline to Rs 3.39 trillion, still accounts for a lion's share of 69% of total benefits paid