LIC Gets Rs 21,740-Crore Refund From Income Tax Department

The Life Insurance Corp. of India Ltd. has received a tax refund of Rs 21,740.77 crore.

The Income Tax Department on Thursday released an amount of Rs 21,740.77 crore as refund orders for assessment years from 2012-23 to 2019-20, LIC said in an exchange filing on Friday.

"The Corporation is pursuing for the balance with the Income Tax Department," it said.

The market capitalisation of India's largest insurer on Feb. 9 had briefly breached the Rs 7 lakh crore mark, making it the fifth most valued firm after Infosys Ltd.

This came right after the company reported strong third quarter earnings. The state-owned insurer's standalone profit witnessed a 49% year-on-year jump at Rs 9,444 crore. The net premium also gained 5% YoY to Rs 1,17,017 crore.

On Friday, shares fell as much as 1.53% to close at Rs 1,056.10 apiece, as compared with a 0.59% advance in the Nifty 50.