Shares of Life Insurance Corporation of India (LIC) were gaining on Monday after the state-backed firm received a large refund from the Income Tax Department.

What Happened: The company announced it had receiving refund orders totalling ₹21,740.77 crore from the Income Tax Department covering the assessment years from 2012-13 to 2019-20, as reported by Economic Times. The overall refund amount is ₹25,464.46 crore.

LIC said it had received ₹21,740.77 crore on Thursday from the Income Tax Department and would continue to pursue the remaining balance, indicating that ₹3,700 crore is still pending as tax refund.

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Strong Earnings: In the December quarter, LIC experienced significant gains by selling shares of listed domestic companies worth a record $4.7 billion (₹39,015 crore) as stock prices soared to all-time highs during the market surge.

LIC recorded a remarkable 49% year-on-year surge in net profit during the third quarter of FY2024, reaching ₹9,444.4 crore compared to ₹6,334.2 crore in the same period last year.

This impressive performance was primarily driven by increased net income from investments and growth in net premium income. The insurer’s net premium income rose by 4.6% to ₹1.17 lakh crore compared with ₹1.11 lakh crore in Q3 FY24.

Additionally, LIC’s board also proposed an interim dividend of ₹4 per share for FY24, with the record date set for February 21, 2024.

Over the weekend, LIC also launched a new scheme aimed at children called Amritbaal insurance plan, specifically designed to provide a corpus to meet higher education and other needs of a child.

Price Action: LIC’s share price was up 1.63% at ₹1,056.75 in the early session of trade on Monday.

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