LICI - Life Insurance
📢 Recent Corporate Announcements
Life Insurance Corporation of India (LIC) has received a demand order from the GST authorities in Himachal Pradesh for the financial year 2019-20. The total demand amounts to ₹63.04 lakh, which includes GST, interest, and penalties. The order is based on the alleged non-reversal of Input Tax Credit (ITC) on exempted supplies. LIC has stated that this demand will not have any material impact on its financial or operational activities and intends to appeal the order.
- Total demand of ₹63,04,166 received from the Deputy Commissioner State Taxes and Excise, Himachal Pradesh.
- Breakdown includes GST of ₹17,90,956, interest of ₹27,22,254, and a penalty of ₹17,90,956.
- The demand pertains to the non-reversal of Input Tax Credit (ITC) on exempted supplies for FY 2019-20.
- LIC plans to file an appeal against the order before the Commissioner (Appeals), Shimla.
Life Insurance Corporation of India (LIC) has announced the extension of Shri Sunil Agrawal's tenure as Chief Financial Officer. The extension is for a further period of one year, ensuring continuity in the corporation's financial leadership. His term will now conclude on March 01, 2027. This move provides stability to the executive team of India's largest insurance provider.
- CFO Sunil Agrawal's term extended for a period of 1 year
- The extended tenure is valid until March 01, 2027
- Announcement ensures leadership continuity in the financial department
- Official intimation filed with BSE and NSE on March 02, 2026
Life Insurance Corporation of India (LIC) has officially started operations at its International Financial Services Centre (IFSC) branch in GIFT City, Gandhinagar, as of February 27, 2026. This move follows a previous regulatory disclosure made on December 26, 2023, regarding the setup of this international unit. The IFSC branch allows LIC to offer dollar-denominated insurance products and target the NRI and global market more effectively. This strategic expansion is expected to diversify LIC's revenue streams and enhance its global footprint.
- Operations at the GIFT City IFSC branch commenced on February 27, 2026
- The expansion follows through on a strategic plan initiated in December 2023
- Enables LIC to provide international insurance services from India's premier financial hub
- Aims to capture global business and offer dollar-denominated products to non-residents
Life Insurance Corporation of India (LIC) representatives attended the 'Chasing Growth 2026' investor conference on February 23, 2026. The event was organized by Kotak Institutional Equities and held as a group meeting in Mumbai. The corporation explicitly stated that no unpublished price sensitive information (UPSI) was disclosed during the interaction. This filing follows a previous notification dated February 17, 2026, regarding the scheduled engagement.
- Attended 'Chasing Growth 2026' organized by Kotak Institutional Equities on Feb 23, 2026.
- The meeting was conducted in a group format at Grand Hyatt, Mumbai.
- Company confirmed no unpublished price sensitive information (UPSI) was shared.
- Follow-up to the initial disclosure made on February 17, 2026.
Life Insurance Corporation of India (LIC) has scheduled participation in two major institutional investor conferences in Mumbai. On February 23, 2026, the corporation will attend Kotak's 'Chasing Growth 2026' event, followed by IIFL's '17th Enterprising India Global Investors’ Conference' on February 24, 2026. The meetings will involve both group and one-on-one interactions with analysts and investors. Management has clarified that no unpublished price sensitive information will be shared, and the existing presentation from February 6, 2026, will be utilized.
- Participation in Kotak Institutional Equities conference on February 23, 2026, at Grand Hyatt, Mumbai.
- Attendance at IIFL Institutional Equities conference on February 24, 2026, at Trident, BKC, Mumbai.
- Engagement includes both group and one-on-one meeting formats with institutional investors.
- Confirmed use of the existing investor presentation filed with exchanges on February 6, 2026.
- Explicit statement that no unpublished price sensitive information (UPSI) will be disclosed during the meets.
Life Insurance Corporation of India (LIC) has announced the launch of two new domestic insurance products effective February 16, 2026. The first product, LIC’s Group Term Ease Plan, is a non-participating, non-linked, pure risk group life plan. The second, LIC’s Group Benefits Secure Plan, is a non-participating, non-linked group savings plan. These launches signify LIC's continued focus on expanding its non-par product portfolio within the domestic group insurance segment.
- Launch of two new domestic products: LIC’s Group Term Ease Plan and LIC’s Group Benefits Secure Plan
- Both products are categorized as Non-Participating and Non-Linked, aligning with margin-improvement strategies
- Products target the group insurance market, covering both pure risk and savings categories
- Official market launch scheduled for February 16, 2026
LIC reported a strong performance for the nine months ended December 31, 2025, with Profit After Tax (PAT) growing 16.68% YoY to ₹33,998 crore. A strategic shift in product mix saw the high-margin Non-Par segment's share of Individual APE rise significantly to 36.46% from 27.68% a year ago. Value of New Business (VNB) increased by 27.96% to ₹8,288 crore, while VNB margins expanded by 170 basis points to 18.8%. The corporation maintained its market leadership with a 57.07% market share in First Year Premium income.
- Profit After Tax (PAT) grew by 16.68% YoY to ₹33,998 crore for 9MFY26.
- VNB margin improved to 18.8% from 17.1% YoY, driven by a 47.44% growth in Non-Par APE.
- Total Assets Under Management (AUM) increased by 8.01% YoY to reach ₹59.17 lakh crore.
- Overall expense ratio decreased by 132 basis points to 11.65% reflecting better operational efficiency.
- Bancassurance and Alternate Channels recorded a robust 66.74% growth in New Business Premium.
Life Insurance Corporation of India (LIC) attended the Advantage India – Axis Capital’s Flagship India Conference on February 10, 2026. The event took place at Trident, BKC, Mumbai, and involved group meetings with institutional investors and analysts. The company confirmed that no unpublished price sensitive information (UPSI) was shared during these discussions. This filing is a routine update following their prior disclosure on February 4, 2026.
- Participation in Axis Capital’s Flagship India Conference on February 10, 2026.
- The interaction was conducted as a group meeting at Trident, BKC, Mumbai.
- LIC explicitly stated that no unpublished price sensitive information (UPSI) was disclosed.
- The meeting follows a previous regulatory intimation dated February 4, 2026.
Life Insurance Corporation of India (LIC) participated in the Manthan – Systematix India Annual Conference held on February 09, 2026, in Mumbai. The event involved group meetings with institutional investors and analysts to discuss the company's general business environment. LIC management explicitly stated that no unpublished price sensitive information (UPSI) was shared during these sessions. This interaction is part of LIC's regular investor relations calendar to maintain market transparency.
- LIC representatives attended the Manthan – Systematix India Annual Conference on February 09, 2026.
- The meeting was conducted in a group format at the Taj Santacruz venue in Mumbai.
- The corporation confirmed that no unpublished price sensitive information (UPSI) was disclosed.
- The filing follows up on a prior intimation made by the company on February 04, 2026.
Life Insurance Corporation of India (LIC) has announced the redesignation of Shri Jose George as the Principal of the Zonal Training Centre in Chennai, effective February 09, 2026. Previously serving as Vice Principal, this promotion elevates him to the status of Senior Management Personnel (SMP) within the corporation. Mr. George brings over 36 years of experience to the role, having joined LIC in 1989 as an Assistant Administrative Officer. This move is part of routine internal management restructuring and succession planning within the organization's training division.
- Shri Jose George redesignated as Principal, Zonal Training Centre, Chennai, effective February 09, 2026.
- The appointee now qualifies as Senior Management Personnel (SMP) under SEBI Listing Regulations.
- Mr. George has over 36 years of experience with LIC, having joined the corporation in 1989.
- He holds a degree in Engineering and has served in various capacities across Southern, Western, and Central zones.
LIC reported a robust 16.68% YoY increase in Profit After Tax, reaching ₹33,998 crore for 9M FY26. The corporation's Assets Under Management (AUM) grew 8.01% to ₹59.17 lakh crore, while the solvency ratio improved significantly to 2.19. A key strategic highlight is the successful shift in product mix, with high-margin Non-Participating products now accounting for 60.48% of individual new business premium, up from 53.34% in FY25.
- Profit After Tax (PAT) grew by 16.68% YoY to ₹33,998 crore for the nine-month period ending December 2025.
- Assets Under Management (AUM) increased to ₹59,16,680 crore, an 8.01% rise compared to 9M FY25.
- Share of Non-Participating products in individual new business premium rose to 60.48% from 53.34% in the previous year.
- Solvency ratio strengthened to 2.19 from 2.02, indicating a very healthy capital buffer.
- Overall expense ratio improved to 11.65% from 12.97% YoY, reflecting better operational efficiency.
Life Insurance Corporation of India (LIC) has published the audio recording of its conference call with analysts and institutional investors held on February 05, 2026. This disclosure is made in accordance with SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. The recording allows the general public and shareholders to hear the management's commentary and responses to investor queries. Accessing such recordings is vital for understanding the qualitative aspects of the company's strategic direction and financial health.
- Audio recording of the Analyst/Investor meet held on February 05, 2026, is now available.
- The filing complies with SEBI Regulations 30 and 46(2) of the LODR 2015.
- The recording is hosted on the official LIC website under the financial year 2025-26 section.
- This follows the standard procedure for transparency after institutional interactions.
LIC reported a strong financial performance for 9M FY26, with Profit After Tax (PAT) increasing by 16.68% YoY to ₹33,998 crore. The company successfully improved its Value of New Business (VNB) margin to 18.8%, driven by a strategic shift towards high-margin Non-Participating products, which now account for 36.46% of Individual APE. Total Premium Income grew by 9.02% to ₹3,71,293 crore, while Assets Under Management (AUM) reached ₹59.17 lakh crore. Despite a slight dip in market share, the solvency ratio strengthened significantly to 2.19.
- Profit After Tax (PAT) grew 16.68% YoY to ₹33,998 crore for the nine-month period ending December 2025.
- VNB Margin expanded to 18.8% from 17.1% YoY, with absolute VNB increasing 27.96% to ₹8,288 crore.
- Share of high-margin Non-Participating products in Individual APE rose significantly to 36.46% from 27.68% YoY.
- Assets Under Management (AUM) increased by 8.01% YoY to reach a massive ₹59,16,680 crore.
- Solvency ratio improved to 2.19 from 2.02, indicating a very strong capital position and regulatory compliance.
LIC reported a strong 16.68% YoY growth in Profit After Tax for 9M FY26, reaching ₹33,998 crore. The company is successfully shifting its product mix towards high-margin Non-Par products, which now constitute 36.46% of the individual APE compared to 27.68% last year. This strategic shift led to a 27.96% growth in Value of New Business (VNB) and a 170 bps expansion in VNB margins to 18.8%. While overall market share remained stable at 57.07%, the company saw improved efficiency with the expense ratio dropping to 11.65%.
- Profit After Tax (PAT) grew 16.68% YoY to ₹33,998 crore for the nine months ended Dec 2025.
- Value of New Business (VNB) surged 27.96% to ₹8,288 crore with net margins expanding to 18.8%.
- Individual Non-Par APE grew significantly by 47.44% to ₹10,045 crore, increasing its share in individual business.
- Assets Under Management (AUM) reached ₹59.17 lakh crore, an 8.01% increase YoY.
- Solvency ratio improved to 2.19 from 2.02, while the overall expense ratio decreased by 132 bps to 11.65%.
The Board of Directors of Life Insurance Corporation of India (LIC) met on February 5, 2026, to approve the unaudited financial results for the quarter and nine-month period ending December 31, 2025. The meeting, which lasted over three hours, resulted in the approval of both standalone and consolidated financial statements. This disclosure is a mandatory regulatory requirement under SEBI Listing Regulations. Investors should now examine the detailed P&L and balance sheet figures to assess the company's growth trajectory and margin performance.
- Board approved unaudited financial results for the quarter ended December 31, 2025
- Consolidated and standalone results for the nine-month period were also cleared
- The board meeting concluded at 3:55 p.m. IST on February 5, 2026
- Limited Review Report for the period has been submitted to the stock exchanges
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%.