Life Insurance Corp. Of India · NSE:LICI
Life Insurance Corp. Of India — Life Insurance Corporation of India — H1 FY26 Earnings Presentation
69 slides from Life Insurance Corp. Of India's earnings presentation, Nov 6, 2025
Slide 1: Exchange intimation letter for analyst call presentation
Ref. No.: LIC/SE/2025-26/97 Date: November 06, 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 H1 FY26
Investor Presentation H1 FY26 6th November 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 7 APPENDIX DISTRIBUTION 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 The 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 GUIN
Slide 6: Cross cyclical and comprehensive life insurance solutions
Cross cyclical and comprehensive life insurance solutions Comprehensive Product Portfolio (as at quarter ended September 30th 2025) • Non Participating Products • Participating products 12 23 (Including four Annuity Products) • Group products (incl. 12 8 • Riders one credit life)¹ As of 30th Septemb
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: New products launched during H1FY2026
New products launched during H1FY2026 LIC’s Nav Jeevan LIC’s NAV Jeevan LIC’s Critical LIC’s Female Name of Shree Plan Shree Single Illness Health Critical Illness Products Premium Plan Rider Benefit Rider Introduction date 04.07.2025 04.07.2025 04.07.2025 26.08.2025 Par/Non Par Non-Par Non-Par NA N
Slide 9: Business and Financial Updates
2 BUSINESS AND FINANCIAL UPDATES
Slide 10: Business Performance Parameters
Business Performance Parameters Amount INR Crore H1 FY26 INR 2,45,680 Cr H1 FY26 INR 94,965 Cr Total Group Business Total Premium Income +5.14% +6.73% Premium H1 FY25 INR 2,33,671 Cr H1 FY25 INR 88,975 Cr H1 FY26 INR 28,491 Cr H1 FY26 59.41% Individual New Business Market Share in - 1.66% -3.54% Pre
Slide 11: Business Performance Parameters
Business Performance Parameters Amount INR Crore H1 FY26 INR 15,293 Cr H1 FY26 INR 2,47,140 Cr Weighted Received Total Individual New Premium (Individual) - 8.43% - 12.32% H1 FY25 INR 16,700 Cr Business Sum Assured H1 FY25 INR 2,81,870 Cr H1 FY26 4,09,966 H1 FY26 12,049 Cr Total Number of Death Clai
Slide 12: Financial Performance Parameters
Financial Performance Parameters Amount INR Crore H1 FY26 INR 21,040 Cr H1 FY26 97.25 % Claim Settlement Ratio -0.08% Profit After Tax +16.36% Death¹ H1 FY25 INR 18,082 Cr H1 FY25 97.33 % (Absolute) H1 FY26 2.13 H1 FY26 72,60,573 +0.15 Number of Policies sold -20.83% Solvency H1 FY25 1.98 (Absolute)
Slide 13: Performance Ratios
Performance Ratios H1 FY26 8.90% H1 FY26 6.48% Yield on Investment -0.12% Yield on Investment -0.38% (Policyholders Fund)² (Absolute) (Shareholders Fund)² (Absolute) H1 FY25 9.02% H1 FY25 6.86% H1 FY26 1.34% H1 FY26 91.15 % -0.38% +0.18% Total Gross NPA Ratio¹ Conservation Ratio H1 FY25 1.72% (Absol
Slide 14: Actuarial Updates
LIFE INSURANCE CORPORATION OF INDIA
Slide 15: Indian Embedded Value (IEV)
Indian Embedded Value (IEV) Embedded Value (INR Crore) 8,13,230 7,76,876 7,27,344 The IEV has increased by INR 36,354 Crore 5,82,243 5,41,492 from March 2025 to Sept 2025, highlighting a growth of 4.68%. Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 Source: Corporation data. 14
Slide 16: Build up of Indian Embedded Value
Build up of Indian Embedded Value INR in Crore Components H1FY25 H1FY26 A. Adjusted Net Worth (ANW) 87,743 1,35,695 B. Value of in-force (VIF) Business 7,33,973 6,77,535 C. Indian embedded value (IEV) (C=A+B) 8,21,716 8,13,230 Source: Corporation data. Figures may not add up to total due to rounding
Slide 17: Sensitivity analysis
Sensitivity analysis Change in Change in New Sensitivity – Scenarios Indian Embedded Business Margin Value (Percent Points) For the Half Year End 9/2025 9/2025 Base results (INR in Crore) 8,13,230 17.6% An increase of 100 bps in the reference rates (0.3%) 4.7% Reference rates A decrease of 100 bps i
Slide 18: Annualized Premium Equivalent (APE)/VNB/VNB Margin
Annualized Premium Equivalent (APE)/VNB/VNB Margin Amount INR Crore Year on Year APE - Line of Business H1 FY25 H1 FY26 Growth A Individual Par 13,385 10,936 (18.3%) B Individual Non Par 4,778 6,234 30.5% 1 Individual Saving 2,289 2,247 (1.8%) 2 Protection 99 99 0% 3 Annuity 917 751 (18.1%) 4 ULIP 1
Slide 19: 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 (H1 FY25) Breakup of Individual APE (H1 FY26) Non- Par Non- Par 26.31% 73.69% Par 36.31% 63.69% Par Source: Corporation data; 1. Within India Business 18
Slide 20: VNB Walk H1 FY25 to H1 FY26
VNB Walk H1 FY25 to H1 FY26 Source: Corporation Data 19
Slide 21: Improvement in Persistency Ratios
Improvement in Persistency Ratios On Number of Policies Basis Persistency ratio by # policies 67.23% 63.36% 60.23% 59.73% 54.06% 55.18% 53.84% 50.67% 48.92% 51.50% 13th Month 25th Month 37th Month 49th Month 61st Month H1 FY25 H1 FY26 On Premium Basis Persistency ratio by #premium 77.62% 75.29% 72.2
Slide 22: Marketing and Distribution Strengths
4 MARKETING AND DISTRIBUTION STRENGTHS
Slide 23: Robust agency force
Robust agency force Largest agency force # Agents in lacs 17.54 16.36 14.80 14.87 14.85 14.15 13.47 12.81 12.09 10.70 Higher Vintage: 48.20% > 5 Years FY20 FY23 FY24 FY25 H1FY26 Others LIC LIC has dominant agency force – 45.86% of life insurance Industry. Source: Corporation data and life council da
Slide 24: 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 Above 60 yrs 11% 18-30 yrs 17% 51-60 yrs 20% 31-35 yrs 13% 51.80% 48.20% 36-40 yrs 13% 41-50 yrs 26% Up to 5
Slide 25: Agents' training
Agents’ training Total number of training infrastructure - Training in Sales Training Centers and 1142 Agents fulfilling the MDRT criteria¹ 732 Zonal Training Centers – 1,96,342 78.47% Agents recruited within the 18-40 years Total 2,75,197 agents age group trained in H1 FY26 Imparted training to new
Slide 26: 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 women • Stipendiary scheme for three years • Stipendiar
Slide 27: Feet on Street – LIC's Core Distribution Strength
Feet on Street – LIC’s Core Distribution Strength Organizational Structure Agents Training Infrastructure CO Office 2.46% Employees 8 Zonal Training Centers 8 Zonal Office 3.07% Employees 35 Sales Training Centers 113 Divisional Office¹ 13.91% Employees 113 Divisional Training Centers 2,130 Branch O
Slide 28: Differentiated business model with deep competitive moats
Differentiated business model with deep competitive moats Geographic Distribution of Individual Agents (%) FY23 FY24 FY25 H1FY26 Rural 48.22% 49.06% 51.02% 52.53% Urban 51.78% 50.94% 48.98% 47.47% Pan India presence of Agents which shows our feet on street Source Corporation data 27
Slide 29: 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 +2,689 MICRO 14.85¹ lacs Agents exclusive to LIC 39,783³ Insurance Premium Points 1752 Corporate Agents 291 Brokers 162 Insurance Marketing Firms 36 Covering 89% districts vs
Slide 30: Enhancing focus on building Omni-channel distribution network
Enhancing focus on building Omni-channel distribution network Distribution mix by Individual NBP (%) Individual NBP Bancassurance and Alt Channels (INR Crore) H1FY 25 Particulars Others Banks 2.90% 2,024 4.67% Alternates 1.20% +67.62% 95.33% Digital Marketing 0.57% Total 4.67% 1,208 Agency Others H1
Slide 31: Focus on Increasing Share of Non-Par Products
Focus on Increasing Share of Non-Par Products Breakup of Individual New Business Breakup by premium (H1FY26) Breakup by no. of policies (H1FY26) Non- Par Non Par NB Non Par Non- Par Par Particulars Particulars share NBP share Par (# policy) Protection 0.25% Term 0.27% 40.14% 80.90% Health Insurance
Slide 32: Group Business Segment
Group Business Segment Amount INR Crore New Business Premium Market Share ( by premium) H1FY25 H1FY25 H1FY26 H1FY26 74.77% 72.74% 92,586 86,056 H1FY25 H1FY26 H1FY25 H1FY26 31 Source: Corporation data. ; Figures may not add up to total due to rounding off.
Slide 33: Achieving Operational Efficiencies
5 ACHIEVING OPERATIONAL EFFICIENCIES
Slide 34: 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 35: 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 36: Technological innovations at LIC - 1/3
Technological innovations at LIC - 1/3 Harnessing cutting-edge technology to deliver exceptional customer experiences and optimise operational efficiency The New Datalake platform is now operational. The lakehouse infrastructure will support the development of AI/ML use cases to advance business obj
Slide 37: Technological innovations at LIC - 2/3
Technological innovations at LIC - 2/3 Harnessing cutting-edge technology to deliver exceptional customer experiences and optimise operational efficiency Designed to streamline agency operations and enhance customer service delivery. Source Corporation data. 36
Slide 38: Technological innovations at LIC – 3/3
Technological innovations at LIC – 3/3 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
Slide 39: 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 40: Empowering policyholders and agents in a digital world
Empowering policyholders and agents in a digital world Source Corporation data. The aforementioned plans are provided for illustrative purposes only and do not represent a comprehensive or exhaustive list. 39
Slide 41: 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 42: Strengthening Digital Process – Customer Service
Strengthening Digital Process – Customer Service Services offered Verified Automated conversation messages WhatsApp services started in Dec-22 22 and 2.3 crore customers opted/enabled until Streamlined Sept-25 Ease of customer interaction services Uptrend in LIC customer APP users Rising website reg
Slide 43: Strengthening Digital Process – Driving Operational Efficiency
Strengthening Digital Process – Driving Operational Efficiency Increasing digital collection across channels (percentage to total transaction) 30.60% 29.39% Other App includes: Amazon Pay ,Bajaj 23.83% Finserv, CRED, Free 22.75% 22.43% Charge, GPay , 20.98% InstaPay, JustDial, Mobikwik, PhonePe and
Slide 44: Customer care – at our core philosophy
Customer care – at our core philosophy Settled total death claims of Rs. 12,049 crore in H1 FY26 as against Rs. 11,645 crore in H1 FY25. Claim settlement ratio (Death) in H1 FY26 is 97.25% by number as against 97.33% in H1 FY25. The number of policyholders complaints per 10,000 policies sold i
Slide 45: Key Focus Areas
LIFE INSURANCE CORPORATION OF INDIA
Slide 46: 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 47: Appendix
LIFE INSURANCE CORPORATION OF INDIA
Slide 48: 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 49: 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 Gift City Branch 49.24%4 Equity Participation 100.00% Country Entity St
Slide 50: Financials - Standalone Balance Sheet
Financials - Standalone Balance Sheet (INR In Crore) Particulars As at March 31st 2024 As at March 31st 2025 As at September 30th 2024 As at September 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 1,20,095.76 90,026.9
Slide 51: Financials - Standalone Statement of Revenue (Policyholders' Account)
Financials - Standalone Statement of Revenue (Policyholders’ Account) (INR In Crore) For the Year ended For the six months ended Particulars March 31st 2024 March 31st 2025 September 30th 2024 September 30th 2025 Premiums earned - net (a) Premium 4,75,751.92 4,88,848.92 2,33,947.72 2,45,967.18 (b) R
Slide 52: 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 six months ended Particulars March 31st 2024 March 31st 2025 September 30th 2024 September 30th 2025 Amounts transferred from/to the Policyholders account (Technical Account) 40,021.9
Slide 53: 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 54: Life Insurance Premium per Capita
Higher income = Higher wealth/education = More demand for Insurance 2.5k Life Insurance Premium per Capita ($, current) Japan France 2.0k Korea, Rep. Italy United States 1.5k Germany 1.0k Israel Netherlands Spain Australia .5k Portugal Slovenia Thailand Chile China Slovak Republic India Philippines
Slide 55: Household savings to increase
Household savings to increase Household Savings (% of GDP) 30.00% 25.20% 25.00% 23.60% 23.60% 23.10% 22.40% 22.50% 22.70% 20.30% 19.60% 19.30% 20.30% 20.21% Household 20.00% 19.10% 18.00% 18.10% 18.22% saving as percentage 15.00% of GDP is 18.22% in fiscal year 10.00% 2023 5.00% 0.00% FY08 FY09 FY10
Slide 56: Share of life insurance in incremental household financial saving
Share of life insurance in incremental household financial saving 120.00% 100.00% 9.75% 10.29% 10.41% 12.25% 9.46% 13.22% 2.09% 6.02% 6.72% 6.70% 2.65% 6.15% 80.00% 12.45% 7.99% 12.28% 12.16% 10.32% 23.57% 16.18% 21.07% 17.86% 19.48% 21.13% 60.00% 17.96% 18.26% 14.25% 18.18% 16.88% 40.00% 18.22% 16.
Slide 57: Preference for Financial savings - Faster growth for Life Insurance
Preference for Financial savings - Faster growth for Life Insurance 10-Year(FY 2014 to FY 2023) ~ 2,72,40,712 Cr Nominal GDP ~10.3% CAGR ~ 49,63,212 Cr Household (HH) ~9.0% CAGR (18.2% GDP) Savings ~ 29,73,636 Cr Gross Savings in ~10.7% CAGR (59.91% HH savings) Financial Assets ~ 5,40,561 Cr Annual
Slide 58: Protection gap for different countries
Protection gap for different countries 90% 83% 80% 76% 74% 71% 70% 70% 61% 60% 55% 55% 54% India’s protection 50% gap was 83% as of 41% 2019, the highest 40% among all countries in Asia- Pacific¹ 30% 20% 10% 0% India Indonesia Malaysia Thialand China Japan South Korea Singapore Australia Hong Kong P
Slide 59: Well positioned to ride the growth in a highly underinsured market
Life Insurance Penetration %age FY 2023 Insurance Density (in US$)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 60: 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 61: 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 52.53% agents in India reside in rural areas. “Bima Gram” i
Slide 62: 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 sanitation projects by LIC GJF. Contrib
Slide 63: 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 in
Slide 64: 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) 9,020 8,110 From 2014 till 30th September 2025 6,575 LIC has generated 39.55 million (Kwh) of energy from solar PV 4,471 power system resulting in 3,141 3,376 red
Slide 65: Awards & Accolades
Awards & Accolades 64 Source: Corporation data as at 30.09.2025
Slide 66: 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 67: 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 68: 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 69: Thank You
THANK YOU —®
Life Insurance Corporation of India — H1 FY26 Earnings Presentation on 6ix