Life Insurance Corp. Of India · NSE:LICI
Life Insurance Corp. Of India — Life Insurance Corporation of India — Q1 FY26 Earnings Presentation
65 slides from Life Insurance Corp. Of India's earnings presentation, Aug 7, 2025
Slide 1: Exchange filing cover letter for analyst call presentation
Ref. No.: LIC/SE/2025-26/60 Date: August 07, 2025 To, The Manager The Manager Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Ltd., th Phiroze Jeejeebhoy Tower, Exchange Plaza, 5 Floor, Plot C/1, Dalal Street, G Block, Bandra Kurla Complex, Mumbai-400001 Mumbai-
Slide 2: Investor Presentation Q1FY26
Investor Presentation Q1FY26 7th August 2025
Slide 3: Agenda
AGENDA 1 INTRODUCTION TO LIC 5 ACHIEVING OPERATIONAL EFFICIENCIES 2 BUSINESS AND FINANCIAL 6 KEY FOCUS AREAS UPDATES 3 ACTUARIAL UPDATES 4 MARKETING AND DISTRIBUTION 7 APPENDIX STRENGTHS
Slide 4: Introduction to LIC
LIFE INSURANCE CORPORATION OF INDIA
Slide 5: Largest life insurer in India – Market leader
Largest life insurer in India – Market leader 2nd Largest public sector company in India by Market Capitalisation.1 World’s 3rd Strongest Insurance Brand ² 4th largest Insurer in the world.³ 4th Most Valuable Indian Brand⁴ 12th position globally in brand value among Insurance Cos.⁵ Achieved GUINNESS
Slide 6: Cross cyclical and comprehensive life insurance solutions
Cross cyclical and comprehensive life insurance solutions Comprehensive Product Portfolio (as at quarter ended June 30th 2025) • Non Participating Products • Participating products 12 21 (Including four Annuity Products) • Group products (incl. 12 6 • Riders one credit life)¹ As of 30th June 2025 Co
Slide 7: Our products designed to suit customer life cycle
Our products designed to suit customer life cycle Participating Products Non-participating Products Source: Corporation data, Product list indicative and not exhaustive. 6
Slide 8: Business and Financial Updates
2 BUSINESS AND FINANCIAL UPDATES
Slide 9: Business performance parameters
Business performance parameters Amount INR Crore Q1FY26 INR 1,19,200 Cr Q1FY26 INR 47,726 Cr Total Group Business Total Premium Income + 4.77% +2.46% Premium Q1FY25 INR 1,13,770 Cr Q1FY25 INR 46,578 Cr Q1FY26 INR 12,536 Cr Q1FY26 63.51% Individual New Business Market Share in - 0.51% +5.42% Premium
Slide 10: Business performance parameters
Business performance parameters Amount INR Crore Q1FY26 INR 6,824 Cr Q1FY26 INR 1,04,534Cr Weighted Received Total Individual New Premium -0.68% -1.98% Q1FY25 INR 6871 Cr Business Sum Assured Q1FY25 INR 1,06,649Cr Q1FY26 1,98,053 Q1FY26 5,877Cr Total Number of Death Claims (Individual) +6.10 % Total
Slide 11: Financial performance parameters
Financial performance parameters Amount INR Crore Q1FY26 INR 10,986 Cr Q1FY26 94.59% Claim Settlement Ratio -1.73% Profit After Tax +5.02% Death¹ Q1FY25 INR 10,461 Cr Q1FY25 96.32% (Absolute) Q1FY26 2.17 Q1FY26 30,39,709 + 0.18 Number of Policies sold -14.75% Solvency Q1FY25 1.99 (Absolute) (Individ
Slide 12: Performance ratios
Performance ratios Q1FY26 8.45% Q1FY26 6.14% Yield on Investment -0.09% Yield on Investment -0.16% (Policyholders Fund)² (Absolute) (Shareholders Fund)² (Absolute) Q1FY25 8.54% Q1FY25 6.30% Q1FY26 1.42% Q1FY26 93.72% -0.53% +0.37% Total Gross NPA Ratio¹ Conservation Ratio Q1FY25 1.95% (Absolute) Q1F
Slide 13: Actuarial Updates
LIFE INSURANCE CORPORATION OF INDIA
Slide 14: Indian Embedded Value (IEV)
Indian Embedded Value (IEV) Embedded Value (INR Crore) CAGR 12.8% The IEV has increased by INR 49,532 Crore from March 2024 to March 2025, highlighting a growth of 6.81%. Sep-21 Mar-22 Mar-23 Mar-24 Mar-25 IEV 5,39,686 5,41,492 5,82,243 7,27,344 7,76,876 Source: Corporation data, . 13
Slide 15: INR in Crore
INR in Crore 14 Source: Corporation Data, Figures may not add up to total due to rounding off.
Slide 16: Annualized Premium Equivalent (APE)/VNB/VNB Margin
Annualized Premium Equivalent (APE)/VNB/VNB Margin Amount INR Crore Year on Year Line of Business Q1FY25 Q1FY26 Growth A Individual Par 5,132 4,919 (4.15)% B Individual Non Par 1,615 2,142 32.63% 1 Individual Saving 788 812 3.05% 2 Protection 38 39 2.63% 3 Annuity 359 364 1.39% 4 ULIP 431 927 115.08
Slide 17: Focus on Increasing Share of Non-Par Products
Focus on Increasing Share of Non-Par Products Rising share of Non-Par in Individual APE1 Breakup of Individual APE (Q1FY25) Breakup of Individual APE (Q1FY26) Non- 76.06% Par Non- 69.66% Par Par Par 23.94% 30.34% Source: Corporation data; 1. Within India Business 16
Slide 18: VNB Walk Q1FY25 to Q1FY26
VNB Walk Q1FY25 to Q1FY26 Source: Corporation Data. Figures may not add up to total due to rounding off. 17
Slide 19: Improvement in Persistency Ratios
Improvement in Persistency Ratios On Number of Policies Basis Persistency ratio by # policies 67.81% 64.35% 59.24% 60.15% 54.73% 54.23% 54.08% 50.79% 49.39% 51.12% 13th Month 25th Month 37th Month 49th Month 61st Month Q1FY25 Q1FY26 On Premium Basis Persistency ratio by #premium 78.23% 75.63% 72.16%
Slide 20: Marketing and Distribution Strengths
4 MARKETING AND DISTRIBUTION STRENGTHS
Slide 21: Robust agency force
Robust agency force Largest agency force # Agents in lacs 16.36 16.68 14.80 14.87 14.86 14.15 13.47 12.81 12.09 10.70 Higher Vintage: 51.56% > 5 Years FY20 FY23 FY24 FY25 Q1FY26 Others LIC LIC has dominant agency force – 47.11% of life insurance Industry. Source: Corporation data and life council da
Slide 22: Exclusive agency network well trained leading to highest productivity
Exclusive agency network well trained leading to highest productivity Loyal agency network with a mix of youth and experienced professionals Mix of agents by age group Mix of agents by tenure 18-30 yrs Above 60 yrs 9% 15% 31-35 yrs 10% 36-40 yrs 12% 51.56% 48.44% 51-60 yrs 26% 41-50 yrs 28% Up to 5
Slide 23: Agents' training
Agents’ training Total number of training infrastructure - Training in Sales Training Centers and 678 Agents fulfilling the MDRT criteria¹ 732 Zonal Training Centers – 73,087 Total 1,00,190 agents 80% 79.49 % Agents recruited within the 18-40 trained in Q1FY26 years age group Imparted training to ne
Slide 24: Bima Sakhi Yojana – Women Empowerment
Bima Sakhi Yojana – Women Empowerment LIC‘s Bima Sakhi Yojana launched by Hon’ble Prime Minister on 9th Dec 2024. LIC’s Bima Sakhi Yojana is a Mahila Career Agent (MCA) Scheme with following features • Aim to provide employment opportunities to 2 lakh women • Stipendiary scheme for three years • Sti
Slide 25: Feet on Street – LIC's Core Distribution Strength
Feet on Street – LIC’s Core Distribution Strength Organizational Structure Agents Training Infrastructure CO Office 2.44% Employees 8 Zonal Training Centers 8 Zonal Office 3.09% Employees 35 Sales Training Centers 113 Divisional Office¹ 13.95% Employees 113 Divisional Training Centers 2,130 Branch O
Slide 26: Differentiated business model with deep competitive moats
Differentiated business model with deep competitive moats Geographic Distribution of Individual Agents (%) FY23 FY24 FY25 Q1FY26 Rural 48.22% 49.06% 51.02% 51.72% Urban 51.78% 50.94% 48.98% 48.28% Pan India presence of Agents which shows our feet on street Source Corporation data 25
Slide 27: Enhancing focus on building Omni-channel distribution network
Enhancing focus on building Omni-channel distribution network Snapshot of LIC’s vast distribution capabilities Premium points +2,700 MICRO 14.86¹ lacs Agents exclusive to LIC 39,564³ Insurance Premium Points 1772 Corporate Agents 295 Brokers 165 Insurance Marketing Firms 36 Covering 89% districts vs
Slide 28: Enhancing focus on building Omni-channel distribution network
Enhancing focus on building Omni-channel distribution network Snapshot of vast distribution capabilities of LIC Distribution mix by Individual NBP (%) Individual NBP sourced in India via the Bancassurance and Alt channels (INR Crore)¹ Q1FY 25 Particulars Others Banks 2.59% 862 4.22% Alternates² 1.07
Slide 29: Focus on Increasing Share of Non-Par Products
Focus on Increasing Share of Non-Par Products Breakup of Individual New Business Breakup by premium (Q1FY26) Breakup by no. of policies (Q1FY26) Non- Par Non- Par Non Par NB Par Non Par Particulars share 43.26% Particulars Par NBP share (# policy) 85.27% Term 0.24% Term 0.27% Health Insurance 0.00%
Slide 30: Group Business Segment
Group Business Segment Amount INR Crore New Business Premium Market Share ( by premium) Q1FY25 Q1FY25 Q1FY26 Q1FY26 76.59% 76.54% 45,570 46,907 Q1FY25 Q1FY26 Q1FY25 Q1FY26 29 Source: Corporation data.
Slide 31: Achieving Operational Efficiencies
5 ACHIEVING OPERATIONAL EFFICIENCIES
Slide 32: Deeply entrenched into Bharat
Deeply entrenched into Bharat Extensive domestic distribution network… Assam Jammu & Arunachal Breakup of our Business State wise² Kashmir; Ladakh Pradesh Meghalaya Punjab Himachal Pradesh Chandigarh Uttarakhand Tripura Haryana Delhi Sikkim Uttar Pradesh Rajasthan Bihar Madhya Pradesh Jharkhand Guja
Slide 33: Share of women in policies issued
Share of women in policies issued Rising Share of women in policies sold¹ In 15 States/UTs, the share in number of policies bought by women to the total policies sold was higher than the all-India average of 34.2%² 44% 44% Top 5 and bottom 5 states/UTs 43% 43% 42% 30% 30% 28% 27% 23% Out of the tota
Slide 34: Technological innovations at LIC
Technological innovations at LIC Solutions designed to enhance operational efficiency and respond with speed to specific situations Digital App for Agents to process New Ananda APP – launched during COVID to enable Agents to do business without meeting customers face to face Business digitally Key s
Slide 35: Strengthening Digital Process – Empowering Policyholders
Strengthening Digital Process – Empowering Policyholders AI Chat Bot 1. Policy Status Application to facilitate submission of 2. First Unpaid Premium date Digital existence certificate for LIC docQ Application helps user to 3. Last paid premium date individual pension plan and staff submit documents
Slide 36: Empowering policyholders and agents in a digital world
Empowering policyholders and agents in a digital world Source Corporation data 35
Slide 37: Strengthening Digital Process – Customer Service
Strengthening Digital Process – Customer Service Online service requests Loan payment and repayment 8 1 e-NACH2 Change of Nomination & 7 PAYMENT RELATED 2 POLICY RELATED Assignment Unit Linked fund switch PAN1 data registration 6 3 NEFT3 registration Aadhaar based change of address 5 4 Change of Mod
Slide 38: Strengthening Digital Process – Customer Service
Strengthening Digital Process – Customer Service Services offered Verified Automated conversation messages WhatsApp services started in Dec-22 22 and 2.22 crore customers opted/enabled until Streamlined June-25 Ease of customer interaction services Uptrend in LIC customer APP users Rising website re
Slide 39: Strengthening Digital Process – Driving Operational Efficiency
Strengthening Digital Process – Driving Operational Efficiency Increasing digital collection across channels (percentage to total transaction) 30.41% 28.53% Other App includes: Amazon Pay ,Bajaj 24.60% Finserv, CRED, Free 23.18% 23.00% Charge, GPay , 21.01% InstaPay, JustDial, Mobikwik, PhonePe and
Slide 40: Customer care – at our core philosophy
Customer care – at our core philosophy Settled total death claims of Rs. 5,877 crore in Q1FY26 as against Rs. 5,467crore in Q1FY25. Claim settlement ratio (Death) in Q1FY26 is 94.59% by number as against 96.32% in Q1FY25. The number of policyholders complaints per 10,000 policies sold in Q1FY2
Slide 41: Key Focus Areas
LIFE INSURANCE CORPORATION OF INDIA
Slide 42: Strategy – Key Focus Areas
Strategy – Key Focus Areas #1I. Focus on digital transformation. #2I. Consolidate gain achieved in enhancing share of Non Par products within individual business. #3I. Consolidate the distribution gains achieved via Bancassurance and Alternate Channels. #4I. Focus on Agency transformation project. #
Slide 43: Appendix
LIFE INSURANCE CORPORATION OF INDIA
Slide 44: Highly Experienced Management, Distinguished Board and Strong Corporate Governance framework
Highly Experienced Management, Distinguished Board and Strong Corporate Governance framework Shri R Doraiswamy Dr. Parshant Kumar Goyal Chief Executive Officer & Government Nominee Shri Sat Pal Bhanoo Shri Dinesh Pant Managing Director Managing Director Managing Director Director Shri Ratnakar Patna
Slide 45: Financials - Standalone Balance Sheet
Financials - Standalone Balance Sheet (INR In Crore) For the Year ended For the three months ended Particulars March 31st 2024 March 31st 2025 June 30th 2024 June 30th 2025 Sources of funds Shareholders' funds: Share capital 6,325.00 6,325.00 6,325.00 6,325.00 Reserves and surplus 75,740.08 1,20,095
Slide 46: Financials - Standalone Statement of Revenue (Policyholders' Account)
Financials - Standalone Statement of Revenue (Policyholders’ Account) (INR In Crore) For the Year ended For the three months ended Particulars March 31st 2024 March 31st 2025 June 30th 2024 June 30th 2025 Premiums earned - net (a) Premium 4,75,751.92 4,88,848.92 1,13,900.24 1,19,333.04 (b) Reinsuran
Slide 47: Financials – Standalone Statement of Profit & Loss (Shareholders' Account)
Financials – Standalone Statement of Profit & Loss (Shareholders’ Account) (INR In Crore) For the Year ended For the three months ended Particulars March 31st 2024 March 31st 2025 June 30th 2024 June 30th 2025 Amounts transferred from/to the Policyholders account (Technical Account) 40,021.96 49,506
Slide 48: LIC – Group Structure
LIC – Group Structure Foreign branches1 Subsidiaries Associates Country Entity Country Entity Stake held (%) Country Entity Stake held (%) Fiji Branch 100.00% 45.24%3 Mauritius Branch 100.00% 5.38%3 United Kingdom Branch 99.66%2 49.24%4 Equity Participation 100.00% Country Entity Stake held (%) 29.8
Slide 49: India is one of the fastest growing major economy
India is one of the fastest growing major economy (GDP Growth, Percentage year-on-year) 10 5 0 -5 -10 -15 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024P 2025P India 7.4 8 8.3 7 6.1 4.2 -8 9 7.2 6.7 6.5 6.5 China 7.3 6.9 6.8 6.9 6.7 6 2.3 8.1 3.0 5.2 4.6 4.1 Japan 0.4 1.2 0.5 2.2 0.3 0.3 -4
Slide 50: Life Insurance Premium per Capita
Higher income = Higher wealth/education = More demand for Insurance 2.5k Life Insurance Premium per Capita ($, current) Japan France 2.0k Korea, Rep. Italy United States 1.5k Germany 1.0k Israel Netherlands Spain Australia .5k Portugal Slovenia Thailand Chile China Slovak Republic India Philippines
Slide 51: Household savings to increase
Household savings to increase Household Savings (% of GDP) 30.00% 25.20% 25.00% 23.60% 23.60% 23.10% 22.40% 22.50% 22.70% 20.30% 19.60% 19.30% 20.30% 20.21% Household 20.00% 19.10% 18.00% 18.10% 18.22% saving as percentage 15.00% of GDP is 18.22% in fiscal year 10.00% 2023 5.00% 0.00% FY08 FY09 FY10
Slide 52: Share of life insurance in incremental household financial saving
Share of life insurance in incremental household financial saving 120.00% 100.00% 9.75% 10.29% 10.41% 12.25% 9.46% 13.22% 2.09% 6.02% 6.72% 6.70% 2.65% 6.15% 80.00% 12.45% 7.99% 12.28% 12.16% 10.32% 23.57% 16.18% 21.07% 17.86% 19.48% 21.13% 60.00% 17.96% 18.26% 14.25% 18.18% 16.88% 40.00% 18.22% 16.
Slide 53: Preference for Financial savings - Faster growth for Life Insurance
Preference for Financial savings - Faster growth for Life Insurance 10-Year(FY 2014 to FY 2023) ~ 2,72,40,712 Cr Nominal GDP ~10.3% CAGR ~ 49,63,212 Cr Household (HH) ~9.0% CAGR (18.2% GDP) Savings ~ 29,73,636 Cr Gross Savings in ~10.7% CAGR (59.91% HH savings) Financial Assets ~ 5,40,561 Cr Annual
Slide 54: Protection gap for different countries
Protection gap for different countries 90% 83% 80% 76% 74% 71% 70% 70% 61% 60% 55% 55% 54% India’s protection 50% gap was 83% as of 41% 2019, the highest 40% among all countries in Asia- Pacific¹ 30% 20% 10% 0% India Indonesia Malaysia Thialand China Japan South Korea Singapore Australia Hong Kong P
Slide 55: Well positioned to ride the growth in a highly underinsured market
Life Insurance Penetration %age FY 2023 Insurance Density (in US$)1 FY 2023 16 8000 7574 14.8 7000 14 6264 6000 12 5000 10 9.2 4000 8 3466 7.4 7.1 7.1 6.8 3000 2832 6 5.5 2431 2285 5 2136 2245 2000 1635 4 3.7 3.4 1106 2.8 1000 577 584 425 2 274 244 207 70 0 0 Hong South Taiwan United Singapore Japan
Slide 56: Indian Insurance Industry by premium and policies breakup – FY25
Indian Insurance Industry by premium and policies breakup – FY25 By Total New Business Premium By Total Number of Policies 1,70,667 Crore 0.924 Crore 1.781 Crore 34.17% 2,26,670 Crore 42.95% 57.05% 65.83% Private Sector Public Sector (LIC) Private Sector Public Sector (LIC) Individual NB Premium Gro
Slide 57: Embedding ESG in our business - building a sustainable future for the communities
Embedding ESG in our business - building a sustainable future for the communities LIC has integrated the SDGs with key areas of their business operations. LIC initiatives have ensured a positive contribution to at least 14 of the 17 SDGs 51.72% agents in India reside in rural areas “Bima Gram” ini
Slide 58: Embedding ESG in our business - building a sustainable future for the communities
Embedding ESG in our business - building a sustainable future for the communities LIC has integrated the SDGs with key areas of their business operations. LIC initiatives have ensured a positive contribution to at least 14 of the 17 SDGs Support to various other sanitation projects by LIC GJF. C
Slide 59: Embedding ESG in our business - building a sustainable future for the communities
Embedding ESG in our business - building a sustainable future for the communities LIC has integrated the SDGs with key areas of their business operations. LIC initiatives have ensured a positive contribution to at least 14 of the 17 SDGs Substantial investments in renewable energy Significant inve
Slide 60: Committed to ESG initiatives across the organization
Committed to ESG initiatives across the organization Roof top solar capacity installed (KW) Total Reduction of carbon emissions (in tons) 8,615 8,110 9,848 9,218 6,575 4,471 5,454 3,376 3,141 3,826 2,856 2,966 2,254 2,024 2,051 1,812 FY 2019 FY 2020 FY 2021 FY 2022 FY2023 FY2024 FY2025 Q1FY26 FY 201
Slide 61: Awards & Accolades
Awards & Accolades 60 Source: Corporation data as at 30.06.2025
Slide 62: Glossary
Glossary New Business APE: The sum annualized first year premiums on regular premium policies, and 10.00% of single premiums, written by the Company during the fiscal year from both retail and group customers. New Business Premium NBP: Insurance premium that is due in the first policy year of a li
Slide 63: Abbreviation
Abbreviation Term Description Term Description GWP Gross Written Premium Opex Operating Expenses (excluding commission) NBP New Business Premium CAGR Compounded Annual Growth Rate NOP Number of Policies GDP Gross Domestic Product APE Annualized Premium Equivalent INR (Rs.) Indian Rupees IRP Individu
Slide 64: Disclaimer
Disclaimer Except for the historical information contained herein, statements in this presentation which contain words or phrases such as ‘will’, ‘would’, ‘indicating’, ‘expected to’ etc., and similar expressions or variations of such expressions may constitute ‘forward-looking statements’. These fo
Slide 65: Thank You
THANK YOU —®
Life Insurance Corporation of India — Q1 FY26 Earnings Presentation on 6ix