LIC shares rise 2% after receiving Rs 21,740-crore refund

Life Insurance Corporation (LIC) of India Limited shares traded more than 2 percent higher on February 19 afternoon after the insurer announced that it received refund orders worth Rs 21,740 crore.

The refund was for the 2012-2019 period. The total refund value is Rs 25,464 crore and the company was pursuing the balance with the Income Tax Department, the company said in a regulatory filing on February 16.

At 12.30 pm, the stock was trading at Rs 1,056 on the National Stock Exchange, up 1.6 percent from the previous close. In the past month, the stock has surged 17 percent.

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The insurer also a new product, Amritbaal, on February 17. It is a non-linked, non-participating, individual, and savings life insurance plan.

In the December quarter, the state-run insurer reported strong earnings, largely aided by an increase in net income from investments and growth in net premium income.

LIC reported a 49 percent on-year increase in net profit at Rs 9,441 crore. Its net premium income during the quarter grew 4.67 percent YoY to Rs 1.17 lakh crore.

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