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 premium across multiple insurers is Rs 5 lakh in a year,” said Kumar.
M Jagannath, Tablesh pandey recommended for LIC MD posts
The Financial Services Institution Bureau screened the biodata of six candidates for the positions of Managing Directors in Life Insurance Corporation of India(LIC) and has recommended the name of M Jagannath for the first vacancy of Managing Director in LIC of India and Tablesh Pandey for the second vacancy of Managing Director in LIC of India. However, the final appointment needs to be approved by the Appointments Committee of Cabinet.
As of now, the LIC has four MDs and two of them are set to retire in the coming two months. The two directors of LIC who will retire include Raj Kumar and BC Patnaik. M Jagannath and Tablesh Pandey are most likely to fill the two positions after the two current MDs of LIC retire following the end of their term.
