Life Insurance Corporation of India’s (LIC India) shares climbed over 5% on Monday as it received a refund of Rs 21,740.77 crore from the Income Tax Department last week.

LIC, on its filing over the bourses on Friday, announced that the company received refund orders of Rs. 21,740.77 crore from the Income Tax Department for the assessment years from 2012-13 to 2019-20, with an overall refund amount of Rs. 25,464.46 crore. LIC received Rs. 21,740.77 crore on Thursday and is pursuing the remaining refund of Rs. 3,700 crore.

In the December quarter, LIC sold shares of listed domestic companies worth a record-breaking Rs 39,015 crore as the stock market witnessed a surge and reached all-time highs.

LIC’s net profit – profit after tax (PAT) in the third quarter of FY2024 rose remarkably by 49% year-on-year, reaching Rs 9,444.4 crore, compared to Rs 6,334.2 crore in the same period last year. This impressive performance was primarily driven by an increase in net income from investments and growth in net premium income. The insurer’s net premium income increased by 4.6%, reaching Rs 1.17 lakh crore, as compared to Rs 1.11 lakh crore in Q3 FY24.

Furthermore, LIC’s board proposed an interim dividend of Rs 4 per share for FY24, with the record date set for February 21, 2024. Over the weekend, LIC also launched a new scheme aimed at children called the Amritbaal insurance plan. This corpus is specifically designed to meet the higher education and other needs of a child.

At 3:30 pm, the shares of LIC closed at Rs 1,054.00, 1.36% higher than its previous close on the National Stock Exchange (NSE).