Page 6 - Life Insurance Corporation

LIC gets income tax penalty notice of Rs 84 cr; insurer to file appeal

Life Insurance Corporation (LIC) on Tuesday said that the Income Tax Department has demanded Rs 84 crore penalty pertaining to three assessment years and the Corporation has decided to file an appeal against the order. For assessment year 2012-13, the tax authority has imposed a penalty of Rs 12.61 crore, for 2018-19 Rs 33.82 crore, while Rs 37.58 crore for assessment year 2019-20, LIC said in a regulatory filing. Penalty has been imposed on state-owned insurer for violation of sections 271(1)(c) and 270A of the Income Tax Act, 1961, it said. The notice was issued by the Tax Department on September 29, 2023, it said. Incorporated in 1956 with an initial capital of Rs 5 crore, LIC has an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 lakh crore as of March 31, 2023.

Strategy shift at top insurer LIC aids in lowering govt borrowing costs

The shift, previously unreported, has helped states reduce costs by more than 40 basis points (bps) over the past 15 months

Centre introduces 50-year bond to meet life insurance companies' demand

Increases issuances in longer tenure in second half

Stocks to Watch today, Sep 25: LIC, Ambuja, Bajaj Finance, JSW Steel, SBI

Stocks to watch on Monday, September 25, 2023: Canara Bank, Delta Corp, Granules, Hindustan Copper, Indiabulls Housing and Manappuram Finance are the six stocks in F&O ban period today.

Finance ministry raises gratuity limit and insurance cover for LIC agents

Brings in uniform family pension rate at 30% for LIC employees

LIC may need 5 yrs more beyond 2027 comply with public float norms

FinMin-LIC discusses roadmap, stake dilution plans and challenges ahead

LIC surges 4% on heavy volumes; stock hits over seven-month high

The stock of state-owned life insurer quoted at its highest level since January 27, 2023 and has recovered 30 per cent from its 52-week low of Rs 530.20 touched on March 29.

LIC acquires 6.66% stake in Jio Financial Services through demerger process

The insurer's stake in JFS is valued at Rs 10,030 crore, while that in RIL stands at around Rs 1.1 trillion

Life Insurance Corp picks up 6.66% stake in Jio Financial Services

The cost of the acquisition was 4.68 per cent of the pre-demerged cost of Reliance Industries Ltd

LIC acquires 6.66% stake in Jio Financial Services through demerger process

Life Insurance Corporation (LIC) on Tuesday said it has acquired 6.66 per cent stake in Jio Financial Services, the demerged non-banking financial services unit of the Mukesh Ambani-led Reliance group. "... Corporation has acquired 6.660 per cent shareholding in 'Jio Financial Services Ltd' through demerger action by 'Reliance Industries Ltd'," LIC said in a regulatory filing. Jio Financial Services listed on the stock exchanges on August 21. The market capitalisation of the financial services company stood at close to Rs 1.60 lakh crore. The LIC further said that the cost of acquisition of Jio Financial Services is 4.68 per cent of the pre-demerged cost of Reliance Industries. Shares of Jio Financial Services were trading at Rs 239.20 apiece, down 4.99 per cent, hitting the lower circuit limit for the second straight session on the BSE. On August 21, The scrip listed at Rs 265 on the BSE, up 1.20 per cent against the Rs 261.85 -- the price fixed at a special price discovery sessi

LIC jumps 5% on 14x profit growth in Q1; stock up 21% in 3 months

The company's assets under management (AUM) increased 12.41 per cent YoY to Rs 46.11 trillion as on June 30, compared to Rs 41.02 trillion a year ago

LIC Q1 net profit jumps multifold to Rs 9,544 cr; GNPA eases to 2.48%

The net premium income of LIC was almost flat at Rs 98,362.75 crore, compared to Rs 98,351.76 crore in the corresponding period of last year

Employees' State Insurance Corporation adds 20.23 lakh new members in May

Employees' State Insurance Corporation (ESIC) has added 20.23 lakh new subscribers in May 2023, according to the latest payroll data. The provisional payroll data of ESIC reveals that 20.23 lakh new employees have been added in May 2023, a labour ministry statement said. Around 24,886 new establishments have been registered and brought under the social security umbrella of the Employees' State Insurance Corporation in May 2023, thus ensuring more coverage, it stated. According to the data, more jobs have been generated for the youth of the nation as out of the total 20.23 lakh employees added during May 2023, 9.40 lakh employees up to the age group of 25 years constitute the majority of new registrations, which is 47 per cent of the total employees. Gender-wise analysis of payroll data indicates that the net enrolment of female members has been 3.96 lakh in May 2023. The data also revealed that a total of 71 transgender employees have got registered under ESI Scheme in May 2023. I

Life insurance stocks up on decent growth prospects in first quarter

But analysts' target prices suggest limited upside in HDFC Life and ICICI Pru Life, and between 15-20 per cent for SBI Life, Max Life and LIC

Life Insurance Corporation's new business premium grows 21% in June

For the 26 private life insurers, the group yearly renewable premium for June grew by 47 per cent to Rs 933.30 crore

Nifty PSE index notches new high; add these 5 stocks for up to 20% gains

Life Insurance Corporation of India and Bharat Electronics may see up to 10 per cent rally in coming sessions.

Centre initiates talks with global investors over LIC business prospects

Move could be a precursor to further dilution of stake in the insurance major

LIC announces relaxations to mitigate hardships for victims of cyclone

Following insurance regulator Irdai directive, LIC on Saturday announced concessions to mitigate the hardships of the claimants of policies and also of Pradhan Mantri Jeevan Jyoti Bima Yojana affected by the Cyclone Biparjoy. LIC in a statement said it is reaching out to the affected people to provide assistance although the loss of lives has been minimal. Nodal officers have been nominated at Divisional level to liaison with Chief/Secretary/Officer concerned of the State Government in this regard, it said. LIC has also created a portal link for the online submission of claims arising due to Biparjoy Cyclone. 'Bijarjoy' made landfall on the coast of Kutch on Thursday night with a windspeed of 115-125 km/hour causing loss to property and infrastructure in States impacted by the cyclone.

PNB, LIC, SBI and BoB looking to seek formal bids for stake sale in UTI AMC

These entities have already appointed merchant bankers to initiate the sale process in UTI AMC

LIC's shareholding in Bata India increases from 4.497% to 6.532%

The company raises stake in Tata Power from 5.917% to 7.935%