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Life Insurance Corporation of India (LIC) rose 2 per cent on the afternoon of February 19 on the National Stock Exchange after the insurance company got a refund of Rs 21,740.77 crore from the Income Tax Department on February 15, 2024. The refund is for the assessment years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20.
The total refund amount was Rs 25,464.46 million. However, the Income Tax department released Rs 21,740.77 crore in February. The corporation seeks a balance with the department.
At 1.30 pm, the stock was trading at Rs 1,056.55 on the National Stock Exchange, up 1.61 per cent from the previous close. In the past month, the stock is up 17 percent.
The insurer also launched a new product, Amritbaal, on February 17. It is a non-linked, non-participating, individual and savings life insurance plan. It is aimed at parents looking to build a higher education for their children in the long term.
According to the LIC press release, “LIC Amritbaal is specifically designed to have an adequate corpus to meet the higher education and other needs of the child. The minimum entry age is 30 days and the maximum age is 13 years.
“The plan is specifically designed to have an adequate corpus to meet the higher education and other needs of the child. Facilitates accumulation of corpus through guaranteed additions at the rate of Rs 80 per thousand basic sum assured at the end of each policy year from the beginning to the end of the policy term, provided the policy is in force”, the insurance of life said the giant.
In Q3FY24, LIC reported a standalone net profit of Rs 9,444 crore for the quarter ended December 2023. The profit rose 49 per cent from Rs 6,334 crore reported in the Q3FY24 quarter. last year.
Net premium income for the third quarter rose 5 per cent year-on-year to Rs 1.17 lakh crore, compared to Rs 1.11 lakh crore in the corresponding quarter of the previous year.
For the nine months ended December 2023, LIC reported a net profit of Rs 26,913 crore, up from Rs 22,969 crore in the corresponding nine months of the previous fiscal year.
Technically speaking, LIC’s Relative Strength Index (RSI) stands at 62.8, indicating that it is neither trading in overbought nor oversold territory. The stock has a beta of 0.6, indicating low one-year volatility. LIC stock is trading above the 5, 20, 50, 100 and 200 day moving averages.