Life Insurance Corporation Of India (LICI)
₹397.75 +0.95% last close, 16 Oct
Q2 FY27 results
📅 Next results: 05 Nov 2026 (board meeting)Life Insurance Corporation Of India's board meets on 5 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Life Insurance's revenue was ₹1,27,623 Cr (-43.2% year on year, -53.9% on the previous quarter), and net profit ₹13,584 Cr (+24.0% year on year); the operating margin was -77.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,27,623 | -43.2% | -53.9% |
| Operating profit | ₹-99,246 | to loss | to loss |
| Net profit | ₹13,584 | +24.0% | -42.1% |
| EPS (₹) | 10.74 | +24.0% | -42.1% |
| Operating margin | -77.8% | — | — |
LICI delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.81% of the LICI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.58%. That is close to its usual level. In LICI futures, open interest fell 0.21% while the futures price rose 0.40%: short covering (shorts closing out).
Delivery in the last 5 sessions: 53.9% · 59.9% · 54.0% · 48.0% · 55.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Life Insurance Corporation of India (LICI) has announced the re-designation of Smt Sonija M. S. as Chief (In-charge) of Finance & Accounts at its Central Office in Mumbai, effective October 08, 2026. Consequent to this internal transfer from her previous role as Chief (Taxation Cell), she now falls under the definition of Senior Management Personnel (SMP). Smt Sonija M. S. joined LIC in 1993 as a Direct Recruit Officer and brings over three decades of experience across finance, accounts, stressed assets, and taxation. The change represents a routine administrative redeployment within senior finance ranks of the Rs 4,79,595 Cr insurer.
- Re-designation effective date: October 08, 2026
- Smt Sonija M. S. joined LIC as a Direct Recruit Officer in 1993, bringing over 3 decades of internal experience
- New role: Chief (I/C) (Finance & Accounts), Central Office, Mumbai, categorised under Senior Management Personnel (SMP)
- Previous responsibility: Chief (Taxation Cell) overseeing Taxation, Income Tax, GST, and Provident Fund Trust
Life Insurance Corporation of India (LICI) has approved the appointment of five Independent Directors for a four-year term starting October 07, 2026, subject to shareholder approval. The appointees include former Rural Development Secretary Shailesh Kumar Singh, former Exim Bank MD David Paul Rasquinha, former Federal Bank MD Shyam Srinivasan, ex-RBI executive Ganesh Kumar Sundara Iyer, and Yubi Group CEO Gaurav Kumar. The appointments significantly strengthen the board's expertise across banking, rural administration, digital payments, and fintech as LIC pursues non-par product expansion. This is a governance-related reconstitution and has no direct immediate impact on revenue or financials.
- Board approved the appointment of 5 Independent Directors effective October 07, 2026
- Each director appointed for a fixed tenure of 4 years, subject to approval of Members
- Includes prominent industry figures: former Federal Bank MD Shyam Srinivasan and Yubi CEO Gaurav Kumar
- Appointees bring over 20 to 35+ years of experience across administration, banking, and fintech
Life Insurance Corporation of India (LICI) has informed the exchanges that its Chief Financial Officer (Key Managerial Personnel), Shri Shatmanyu Shrivastava, has superannuated effective September 30, 2026, after the close of office hours. The announcement reflects a planned retirement in normal course rather than an abrupt resignation. The corporation manages TTM revenues of Rs 8,81,845 crore and a market capitalization of Rs 4,96,856 crore, making CFO succession important for continuity.
- CFO and Key Managerial Personnel Shri Shatmanyu Shrivastava superannuated on September 30, 2026
- Cessation takes effect after the close of office hours on September 30, 2026
- Filing made under Regulation 30 of the SEBI Listing Regulations on September 30, 2026
Life Insurance Corporation of India (LICI) has informed the exchanges that its Chief Financial Officer (Key Managerial Personnel), Shri Shatmanyu Shrivastava, has superannuated effective September 30, 2026, after the close of office hours. The announcement reflects a planned retirement in normal course rather than an abrupt resignation. The corporation manages TTM revenues of Rs 8,81,845 crore and a market capitalization of Rs 4,96,856 crore, making CFO succession important for continuity.
- CFO and Key Managerial Personnel Shri Shatmanyu Shrivastava superannuated on September 30, 2026
- Cessation takes effect after the close of office hours on September 30, 2026
- Filing made under Regulation 30 of the SEBI Listing Regulations on September 30, 2026
Life Insurance Corporation of India (LICI) announced that the Government of India has approved the voluntary retirement of Shri Dinesh Pant, Managing Director and Key Managerial Personnel, effective September 24, 2026. This follows his appointment as Whole Time Member (Actuary) at the Insurance Regulatory and Development Authority of India (IRDAI) for a 5-year term as previously notified on June 16, 2026. Consequently, Shri Pant ceases to be the Chairperson of the Information Technology Strategy Committee and a member of the Executive and Investment Committees. The leadership change is routine institutional succession and has no direct financial impact on the corporation.
- Government of India approved voluntary retirement of MD Dinesh Pant via notification dated September 24, 2026
- Cessation as Managing Director and Key Managerial Personnel took effect from September 24, 2026 after close of the day
- Ceases role as Chairperson of IT Strategy Committee and member of Executive and Investment Committees
- Follows earlier June 16, 2026 appointment as Whole Time Member (Actuary) at IRDAI for a period of 5 years
Life Insurance Corporation of India (LICI) announced the voluntary retirement of Shri Dinesh Pant from his post as Managing Director and Key Managerial Personnel, effective September 24, 2026. The retirement was approved by the Government of India via notification dated September 24, 2026. Consequent to stepping down, he also ceases to be Chairperson of the IT Strategy Committee and a member of the Executive and Investment Committees. Given LIC's scale with TTM revenue of ₹8,81,845 crore, executive changes are managed under established institutional processes.
- Managing Director Dinesh Pant relieved on voluntary retirement effective September 24, 2026
- Approval granted by Government of India notification dated September 24, 2026
- Relinquished role as Chairperson of the Information Technology Strategy Committee
- Ceased membership of both Executive and Investment Committees as of close of business September 24, 2026
Life Insurance Corporation of India (LICI) informed exchanges that its representatives attended an Analyst and Institutional Investor Meet on September 18, 2026, comprising group and one-on-one sessions. The corporation confirmed that no unpublished price sensitive information (UPSI) was discussed during the meetings. The standard corporate presentation has been made available on the company's official website. This disclosure is a routine procedural update under listing obligations.
- Meeting conducted on September 18, 2026, in group and one-on-one formats
- Follows initial intimation reference LIC/SE/2026-27/94 dated September 08, 2026
- No unpublished price sensitive information (UPSI) shared or discussed
- Corporate presentation published on licindia.in
Life Insurance Corporation of India (LIC) announced its participation in three institutional investor conferences scheduled between September 18 and September 22, 2026. The engagements include group and one-on-one sessions at the Jefferies 5th India Forum on September 18, the Anand Rathi G-200 Summit on September 21, and the JP Morgan India Conference on September 22. The company confirmed that its existing August 2026 corporate presentation will be referenced during these meetings.
- Participation scheduled for September 18, 2026, at the Jefferies 5th India Forum in Gurgaon
- Participation scheduled for September 21, 2026, at the Anand Rathi G-200 Summit in Mumbai
- Participation scheduled for September 22, 2026, at the JP Morgan India Conference in Mumbai
- Discussions will reference the previously published Corporate Presentation of August 2026
Life Insurance Corporation of India (LICI) has announced the launch of two new individual domestic products effective September 7, 2026. The offerings include 'LIC’s Bima Platinum', a Non-Par, Non-Linked Savings Plan, and 'LIC’s Jeevan Raksha', a Non-Par, Non-Linked Pure Risk (Term) Plan. Both products target the domestic market and align with LICI's ongoing strategic shift toward expanding its higher-margin Non-Participating product suite.
- Launch of 2 new domestic insurance products available for sale from September 7, 2026.
- Introduced 'LIC’s Bima Platinum' in the Non-Par, Non-Linked Individual Savings segment.
- Introduced 'LIC’s Jeevan Raksha' in the Non-Par, Non-Linked Individual Pure Risk segment.
- Both products cater exclusively to the domestic Indian market.
Life Insurance Corporation of India (LICI) has informed the exchanges about the superannuation of a Senior Management Personnel. Shri Sesha Giridhar Kuppili, Executive Director (Pension & Group Schemes) at Central Office, Mumbai, will be superannuating effective August 31, 2026, after close of office hours. This is a routine retirement and is not expected to cause operational disruption to LICI's Pension & Group Schemes division.
- Shri Sesha Giridhar Kuppili superannuates as Executive Director (Pension & Group Schemes).
- Superannuation is effective from August 31, 2026, after close of office hours.
- The role is based at LICI's Central Office in Mumbai.
Life Insurance Corporation of India (LIC) has subscribed to 500,000 Non-Convertible Debentures (NCDs) of Bajaj Finance Limited at a face value of ₹1,00,000 each, totaling ₹5,000 crore. The transaction was completed on August 27, 2026, via cash consideration (RTGS). This allocation represents standard treasury and portfolio deployment for LIC, accounting for ~0.57% of its TTM revenue and ~2.85% of its net worth.
- Subscribed to 500,000 NCD units of Bajaj Finance Limited
- Total investment amount equals ₹5,000 crore at ₹1,00,000 per NCD
- Transaction executed on August 27, 2026, via Bank/RTGS payment
- Represents ~2.85% of LIC's net worth of ₹1,75,356 crore
Life Insurance Corporation of India (LICI) has released its shareholding pattern following an Offer For Sale (OFS) as of August 7, 2026. The Promoter (President of India) holding has reduced from 96.50% to 90.00% (11,384,912,004 shares), expanding the public shareholding to 10.00% (1,265,083,398 shares). Domestic institutions now hold 6.00%, led by Mutual Funds holding 5.33% (including ICICI Prudential Mutual Fund at 2.70% and SBI Equity Mutual Fund at 1.30%). Foreign ownership utilization stands at 1.23% against an approved limit of 20%.
- Promoter (President of India) stake stands at 90.00% comprising 11,384,912,004 equity shares
- Total public shareholding expanded to 10.00% comprising 1,265,083,398 equity shares
- Mutual funds hold 5.33%, with ICICI Prudential MF holding 2.70% and SBI Mutual Fund holding 1.30%
- Foreign ownership limit utilization reported at 1.23% against an approved limit of 20%
Life Insurance Corporation of India (LICI) has announced the re-designation of Shri Madhu V. S. as Additional Director, Management Development Centre, Mumbai, effective August 17, 2026. Following this transfer from his previous post as General Manager (Life) in Nairobi, Kenya, he now falls under the Senior Management Personnel (SMP) category. Shri Madhu V. S. has a 34-year tenure at the Corporation, having joined as an Assistant Administrative Officer in 1992. This is a routine internal rotation and has no material financial impact on the company.
- Shri Madhu V. S. re-designated as Additional Director, Management Development Centre, Mumbai.
- Effective date of re-designation and inclusion as Senior Management Personnel is August 17, 2026.
- Brings 34 years of career experience across LIC administrative, marketing, and overseas roles since joining in 1992.
- Previously served as General Manager (Life) in Nairobi (Kenya) since June 2023.
Life Insurance Corporation of India (LICI) notified exchanges that its representatives attended an Analyst and Institutional Investor Meet on August 17, 2026. The interactions included both group and one-on-one meeting formats. The Corporation confirmed that no unpublished price sensitive information (UPSI) was shared during these discussions. The presentation used during the meeting is publicly accessible on the company's website.
- Analyst and Institutional Investor Meet conducted on August 17, 2026.
- Follow-up to earlier intimation Ref. No. LIC/SE/2026-27/86 dated August 12, 2026.
- Included both group and one-on-one interaction formats.
- Management confirmed zero unpublished price sensitive information (UPSI) was disclosed.
Life Insurance Corporation of India (LICI) informed the exchanges that its representatives attended an Investors' Meet on August 13, 2026. The engagement included both group and one-on-one meetings with institutional investors. The corporation confirmed that no unpublished price sensitive information (UPSI) was shared during the sessions. This is a standard procedural disclosure following an earlier intimation made on August 06, 2026.
- Representatives attended the Investors' Meet on August 13, 2026, in group and one-on-one formats.
- The filing follows a previous intimation to the exchanges dated August 06, 2026.
- LICI maintains a dominant 59.41% market share in premiums as of H1 FY26.
- The company's agency force remains a key moat with 1.48 million agents as of the latest reporting period.
Financial Performance
Revenue Growth by Segment
Total Premium Income for H1 FY26 reached INR 2,45,680 Cr, growing 5.14% YoY. Segmental performance shows Individual Renewal Premium at INR 1,22,224 Cr (+6.14%), Total Group Business Premium at INR 94,965 Cr (+6.73%), and Individual New Business Premium at INR 28,491 Cr (-3.54%).
Geographic Revenue Split
LICI maintains a geographically diversified presence across India with 2,048 branch offices and 1,208 satellite offices. While specific regional % splits are not provided, the company emphasizes a lack of single-state concentration.
Profitability Margins
Profit After Tax (PAT) for H1 FY26 was INR 21,040 Cr, a 16.36% increase from INR 18,082 Cr in H1 FY25. The Value of New Business (VNB) Margin stood at 17.6% as of March 2025, with management noting an upward trajectory driven by a shift toward high-margin Non-Par products.
EBITDA Margin
Not disclosed in available documents; however, the Overall Expense Ratio improved to 11.28% in H1 FY26 from 12.74% in H1 FY25, reflecting a 1.46% absolute reduction in operational costs.
Capital Expenditure
Not disclosed in available documents; however, Assets Under Management (AUM) grew to INR 57,22,896 Cr in H1 FY26, a 3.31% increase YoY.
Credit Rating & Borrowing
LICI reports zero borrowings (INR 0.00 Cr) as of September 30, 2025. The Solvency Ratio improved to 2.13 in H1 FY26 compared to 1.98 in H1 FY25, indicating a strong capital cushion.
Operational Drivers
Raw Materials
As a service provider, LICI's primary 'input costs' are Commission Expenses (4.36% of premium) and Operating Expenses (11.28% of premium).
Key Suppliers
Not applicable; however, the company relies on a vast distribution network of 14,85,325 agents and 95 Bancassurance partners to generate business.
Capacity Expansion
Current distribution capacity includes 1.48 million agents (up from 1.43 million YoY). Planned expansion focuses on the Bancassurance and Alternate Channels, which grew 67.62% to INR 2,024.10 Cr in H1 FY26.
Raw Material Costs
Commission Ratio decreased to 4.36% in H1 FY26 from 4.97% in H1 FY25, a 0.61% absolute reduction, improving the net retention of premiums.
Manufacturing Efficiency
Claim Settlement Ratio (Death) remains high at 97.25% for H1 FY26. Conservation Ratio stood at 91.15%, indicating strong policy retention.
Logistics & Distribution
Distribution is primarily human-capital intensive; agency force sold 71,44,242 policies in H1 FY26, though this was a decline from 89,21,078 policies in H1 FY25 due to product realignment.
Strategic Growth
Expected Growth Rate
5.14%
Growth Strategy
LICI is aggressively shifting its product mix toward Non-Participating (Non-Par) products, which now account for 53.34% of Individual New Business Premium. This includes a focus on ULIPs (19.92% share) and Annuity/Pension products (25.22% share) to drive higher VNB margins. The company is also increasing minimum sum assured levels to improve ticket sizes and persistency.
Products & Services
Life insurance policies including Participating (Par), Non-Participating (Non-Par), Unit Linked Insurance Plans (ULIP), Term Insurance, Health Insurance, and Annuity/Pension plans.
Brand Portfolio
LIC (Life Insurance Corporation of India).
New Products/Services
Recent focus on ULIPs and modified Non-Par savings products following the new Master Circular; ULIPs contributed 19.92% to the Individual NBP in H1 FY26.
Market Expansion
Focus on increasing penetration in the Bancassurance channel (currently 4.45% of NBP) and Digital Marketing to capture younger demographics.
Market Share & Ranking
LICI is the market leader with a 59.41% share in Premium and a 63.44% share in the number of policies as of H1 FY26.
Strategic Alliances
95 Bancassurance partnerships and various alternate channel tie-ups.
External Factors
Industry Trends
The industry is shifting toward Non-Par and ULIP products as customers seek market-linked returns and guaranteed savings. LICI is positioning itself by increasing its Non-Par NBP share to 53.34% to match private sector competitors.
Competitive Landscape
Faces intense competition from private insurers in the Bancassurance and ULIP segments, leading to a slight decline in premium market share from 61.07% to 59.41% YoY.
Competitive Moat
LICI's moat is its massive agency force of 1.48 million (45.86% market share of agents) and its unmatched brand trust, which supports a 91.15% conservation ratio. These advantages are sustainable due to the high entry barriers for physical distribution at this scale.
Macro Economic Sensitivity
Highly sensitive to interest rate movements; a 100 bps increase in reference rates increases VNB margin by 4.7%, while a 100 bps decrease reduces it by 8.0%.
Consumer Behavior
Increasing preference for ULIPs and higher sum assured products, prompting LICI to modify its product basket.
Geopolitical Risks
Minimal direct impact as operations are primarily domestic, though global economic shifts affect investment yields on the INR 57.22 lakh Cr AUM.
Regulatory & Governance
Industry Regulations
Compliance with the IRDAI Master Circular (effective Oct 1, 2024) required a total overhaul of the product portfolio to align with new surrender value and sum assured norms.
Taxation Policy Impact
The effective tax rate impact is significant; a shift to a 25% assumed tax rate would decrease the Indian Embedded Value by 10.3%.
Risk Analysis
Key Uncertainties
Equity market volatility is a major risk; a 10% decrease in equity values would result in a 6.7% decrease in the Indian Embedded Value (IEV).
Geographic Concentration Risk
Primarily concentrated in India, though geographically diversified within the country across 2,048 branches.
Third Party Dependencies
Heavy reliance on the agency force for 92.13% of new business premium; any regulatory change affecting agent commissions could disrupt the primary sales channel.
Technology Obsolescence Risk
Risk of being outpaced by 'digital-first' private competitors; LICI is mitigating this by building an Omni-channel network and increasing digital marketing focus.
Credit & Counterparty Risk
Managed through strict investment norms; Gross NPA ratio is low at 1.34%.
