Page 17 - Insurance Times February 2024

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Life insurers payout moderates in FY23 growth in net profit to Rs 367.54 crore
for the quarter ended December 31,
Payout by life insurance companies declined by about Rs 6,000 crore during 2023 (Q3' FY24), up from Rs 315.92
2022-23 because of lesser number of death claims as compared to previous crore in the year-ago period. The
financial year which was impacted by Covid-19. improvement in profitability was

The life insurance industry paid a total benefit of Rs 4.96 trillion in 2022-23 supported by strong growth in
as compared to Rs 5.02 trillion in FY22, according to the latest annual report investment income coupled with an
released by sector regulator IRDAI. uptick in premium income.
During FY22, the year hit by Covid-19 wave, the insurance companies paid The investment income rose by 130.7
Rs 60,821.86 crore as death claims. This came down by Rs 19,000 crore to per cent Y-o-Y to Rs 11,372 crore, from
Rs 41,457 crore in 2022-23. Rs 4,929.8 crore a year ago.
The benefits paid on account of surrenders/withdrawals increased by 25.62 Net premium income during the
per cent to 1.98 trillion in 2022-23, of which public sector insurers accounted quarter rose by 6.05 per cent to Rs
for 56.27 per cent. 15,273.25 crore from Rs 14,402.22
crore. The first-year premium during
During the year, out of the total surrender benefits, it said, benefits for ULIP
(unit-linked insurance plans) accounted for 62.51 per cent for private insurers the quarter was slightly down by 1.6
and 1.56 per cent for state-owned life insurers. per cent to Rs 2,680.5 crore as
compared to Rs 2,724.9 crore.

ICICI Pru Life gets Rs. 270 The total demand of Rs 269.9 crore LIC gets I-T refund of Rs.
includes GST of Rs 119.6 crore, interest
crore GST notice of Rs 138.3 crore, and penalty of Rs 12 25,464 crore
ICICI Prudential Life Insurance said tax crore. "The company shall file an LIC received a notification for a tax
authorities have slapped a demand appeal against the said order before refund worth Rs.25,464 crore from the
notice of Rs 270 crore on it for alleged the Commissioner (Appeals) within the Income Tax Department for 7
short payment of GST for 2017-18. prescribed timelines," ICICI Prudential Assessment Years (AYs) from 2012-13
to 2019-20 except for 2015-16. This is
The Maharashtra Goods and Service Life Insurance Company said in a BSE related to the interim bonus paid to
Tax (GST) authority has demanded filing. policyholders during the assessment
GST along with applicable interest and period.
penalty for 2017-18 fiscal for reversal HDFC Life's profit increases
LIC reported to have got a tax demand
of input tax credit; difference in GST 16.3% to Rs. 368 crore in
liability filed in GSTR-1 and GSTR-9; for Rs 2133.67 crore for the seven
mismatch in ITC claimed in GSTR-3B Q3 years AYs and Rs 1395.08 crore for AY
and GSTR-2A; and interest on GST HDFC Life Insurance Company posted 2015-16.
payment on proposal deposit. a 16.3 per cent year-on-year (Y-o-Y) In all these 7 AYs, Income Tax Appellate

16 February 2024 The Insurance Times