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MUMBAI: LIC has reported a net profit of Rs 22,970 crore for the nine months ended December 2023 — a multifold increase over the net profit of Rs 1,672 crore in the year-ago period. The current period profit has increased due to transfer of an amount of Rs 19,942 crore (net of tax), pertaining to the accretions on the available solvency margin, from non-participating (non-par — where profits are not shared with policyholders) account to shareholders’ account.
LIC chairman M R Kumar said LIC was studying the impact of the Budget. He said high-value policies with annual premium of over Rs 5 lakh comprised only 0.12% of total policies and around 1.8% of premium. “We have sought clarification on how the tax would be applied if the premium across multiple insurers is Rs 5 lakh in a year,” said Kumar.
LIC chairman M R Kumar said LIC was studying the impact of the Budget. He said high-value policies with annual premium of over Rs 5 lakh comprised only 0.12% of total policies and around 1.8% of premium. “We have sought clarification on how the tax would be applied if the premium across multiple insurers is Rs 5 lakh in a year,” said Kumar.
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