Life Insurance Corp. Of India · NSE:LICI
Life Insurance Corp. Of India — Life Insurance Corporation of India — FY2026 Earnings Presentation
74 slides from Life Insurance Corp. Of India's earnings presentation, May 21, 2026
Slide 1: Stock exchange cover letter for analyst call presentation
Ref. No.: LIC/SE/2026-27/33 Date: May 21, 2026 To, The Manager The Manager Listing Department, Listing Department, BSE Limited, The 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 FY26
Investor Presentation FY26 21st May 2026
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 March 31st 2026) • Non Participating Products • Participating products 12 25 (Including four Annuity Products) • Group products (incl. 14 8 • Riders one credit life)¹ As of 31st March, 2026
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 individual products launched during FY2026
New individual products launched during FY2026 LIC’s Nav LIC’s Jeevan LIC’s Nav LIC’s Female LIC’s LIC’s LIC’s Name of Shree Jeevan Critical Critical LIC’s Jan LIC’s Bima Jeevan Bima Protection Products Shree Illness Illness Suraksha Lakshmi Utsav Kavach Plus Single Health Benefit Single Premium Rid
Slide 9: New group products launched during FY2026
New group products launched during FY2026 Name of Products LIC’s Group Term Ease Plan LIC’s Group Benefits Secure Plan Introduction date 16.02.2026 16.02.2026 Par/Non Par Non-Par Non-Par Product Category Non -Linked , Life , Group , Pure Risk Non -Linked , Life , Group , Savings plan Product. Featur
Slide 10: Business and Financial Updates
2 BUSINESS AND FINANCIAL UPDATES
Slide 11: Business Performance Parameters
Business Performance Parameters Amount INR Crore FY26 INR 5,35,984 Cr FY26 INR 1 96,609 Cr Total Group Business Total Premium Income +9.80% +16.26% Premium FY25 INR 4,88,148 Cr FY25 INR 1,69,112 Cr FY26 INR 67,676 Cr FY26 56.66% Individual New Business Market Share in -0.39% +8.29% Premium Premium¹
Slide 12: Business Performance Parameters
Business Performance Parameters Amount INR Crore FY26 INR 37,030 Cr FY26 INR 6,41,932 Cr Weighted Received Total Individual New Premium (Individual) +4.92% +9.06% FY25 INR 35,294 Cr Business Sum Assured FY25 INR 5,88,604 Cr FY26 8,30,399 FY26 24,885 Cr Total Number of Death Claims (Individual) -2.09
Slide 13: Financial Performance Parameters
Financial Performance Parameters Amount INR Crore FY26 INR 57,419 Cr FY26 99.44% Claim Settlement Ratio +0.03% Profit After Tax +19.25% Death¹ FY25 INR 48,151 Cr FY25 99.41% (Absolute) FY26 2.35 FY26 1,84,41,175 +0.24 Number of Policies sold +3.70% Solvency FY25 2.11 (Absolute) (Individual) FY25 1,7
Slide 14: Performance Ratios
Performance Ratios FY26 8.92% FY26 6.61% Yield on Investment +0.27% Yield on Investment -0.32% (Policyholders Fund)² (Absolute) (Shareholders Fund)² (Absolute) FY25 8.65% FY25 6.93% FY26 1.21% FY26 92.33% -0.25% +2.62% Total Gross NPA Ratio¹ Conservation Ratio FY25 1.46 % (Absolute) FY25 89.71% (Abs
Slide 15: Actuarial Updates
LIFE INSURANCE CORPORATION OF INDIA
Slide 16: Indian Embedded Value (IEV)
Indian Embedded Value (IEV) Embedded Value (INR Crore) 7,76,876 7,89,185 7,27,344 The IEV has increased by 5,82,243 INR 12,309 5,41,492 Crore from March 2025 to March 2026, highlighting a growth of 1.58%. Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Source: Corporation data. 15
Slide 17: INR in Crore
INR in Crore 16 Source: Corporation Data, Figures may not add up to total due to rounding off.
Slide 18: Build up of Indian Embedded Value
Build up of Indian Embedded Value INR in Crore Components FY25 FY26 A. Adjusted Net Worth (ANW) 1,20,258 1,69,605 B. Value of in-force (VIF) Business 6,56,617 6,19,580 C. Indian embedded value (IEV) (C=A+B) 7,76,876 7,89,185 Source: Corporation data. Figures may not add up to total due to rounding o
Slide 19: Analysis of movement in IEV
Analysis of movement in IEV Components FY 2026 (INR in Crore) Opening IEV 7,76,876 Expected return on Existing Business 74,748 Operating assumptions change (1,663) VoNB added during the period 14,179 Operating Experience Variance- Persistency 3,509 Operating Experience Variance- Expenses 529 Operati
Slide 20: Sensitivity analysis
Sensitivity analysis Change in Change in New Sensitivity – Scenarios Indian Embedded Business Margin Value (Percent Points) For the Year End 3/2026 3/2026 Base results (INR in Crore) 7,89,185 21.2% An increase of 100 bps in the reference rates (0.4%) 4.9% Reference rates A decrease of 100 bps in the
Slide 21: Annualized Premium Equivalent (APE)/VNB/VNB Margin
Annualized Premium Equivalent (APE)/VNB/VNB Margin Amount INR Crore Year on Year APE - Line of Business FY25 FY26 Growth A Individual Par 27,636 28,121 1.75% B Individual Non Par 10,581 15,214 43.78% 1 Individual Saving 4,792 7,112 48.41% 2 Protection 231 309 33.77% 3 Annuity 1,797 1,643 (8.57%) 4 U
Slide 22: 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 (FY25) Breakup of Individual APE (FY26 ) Non- Non- Par Par 72.31% 27.69% 35.11% Par 64.89% Par Source: Corporation data; 1. Within India Business 21
Slide 23: VNB Walk FY25 to FY26
VNB Walk FY25 to FY26 Source: Corporation Data 22
Slide 24: Improvement in Persistency Ratios
Improvement in Persistency Ratios On Number of Policies Basis 64.87% Persistency ratio by # policies 64.12% 59.32% 57.65% 52.66% 55.29% 48.79% 49.78% 50.31% 46.88% 13th Month 25th Month 37th Month 49th Month 61st Month FY25 FY26 On Premium Basis 74.84% 74.64% 70.99% Persistency ratio by #premium 68.
Slide 25: Marketing and Distribution Strengths
4 MARKETING AND DISTRIBUTION STRENGTHS
Slide 26: Robust agency force
Robust agency force Largest agency force # Agents in lacs 18.36 16.36 14.80 14.87 14.57 14.15 13.47 12.81 12.09 10.70 Higher Vintage: 52.63% > 5 Years FY20 FY23 FY24 FY25 FY26 Others LIC LIC has dominant agency force – 44.25% of life insurance Industry. Source: Corporation data and life council data
Slide 27: 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 18% 51-60 yrs 20% 52.63% 47.37% 31-35 yrs 13% 36-40 yrs 13% 41-50 yrs 25% Up to 5
Slide 28: Agents' training
Agents’ training Total number of training infrastructure - Training in Sales Training Centers and 4,667 Agents fulfilling the MDRT criteria¹ 716 Zonal Training Centers – 5,72,539 76.53% Agents recruited within the 18-40 years Total 7,81,321 agents age group trained in FY26 Imparted training to newly
Slide 29: 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 30: Feet on Street – LIC's Core Distribution Strength
Feet on Street – LIC’s Core Distribution Strength Organizational Structure Agents Training Infrastructure CO Office 2.48% Employees 8 Zonal Training Centers 8 Zonal Office 2.98% Employees 35 Sales Training Centers 113 Divisional Office¹ 13.88% Employees 113 Divisional Training Centers 2,130 Branch O
Slide 31: Differentiated business model with deep competitive moats
Differentiated business model with deep competitive moats Geographic Distribution of Individual Agents (%) FY23 FY24 FY25 FY26 Rural 48.22% 49.06% 51.02% 52.85% Urban 51.78% 50.94% 48.98% 47.15% Pan India presence of Agents which shows our feet on street Source Corporation data 30
Slide 32: 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 (2,487 MICRO 14.57¹ lacs Agents exclusive to LIC 39,131³ Insurance Premium Points) 1762 Corporate Agents 308 Brokers 167 Insurance Marketing Firms 36 Covering 92% districts v
Slide 33: 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) FY 25 Particulars Others Banks 4.12% 5,076 +45.19% 6.12% Alternates 1.47% 93.87% Digital Marketing 0.53% Total 6.12% 3,496 Agency Others FY 2
Slide 34: Focus on Increasing Share of Non-Par Products
Focus on Increasing Share of Non-Par Products Breakup of Individual New Business Breakup by premium (FY26 ) Breakup by no. of policies (FY26 ) Non- Par Non Par NB Non Par Non- Par Par Particulars Particulars share NBP share Par (# policy) Protection 0.32% 80.12% Term 0.32% 39.17% Health Insurance 0.
Slide 35: Group Business Segment
Group Business Segment Amount INR Crore New Business Premium Market Share ( by premium) 1,92,912 FY25 FY25 1,64,262 FY26 FY26 71.19% 70.11% FY25 FY26 FY25 FY26 34 Source: Corporation data. ; Figures may not add up to total due to rounding off.
Slide 36: Achieving Operational Efficiencies
5 ACHIEVING OPERATIONAL EFFICIENCIES
Slide 37: 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 Tela
Slide 38: 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 39: Technological innovations at LIC - 1/4
Technological innovations at LIC - 1/4 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 40: Technological innovations at LIC - 2/4
Technological innovations at LIC - 2/4 Harnessing cutting-edge technology to deliver exceptional customer experiences and optimise operational efficiency Designed to accelerate digital engagement and self-service adoption, enhancing customer convenience while improving operational efficiency and ser
Slide 41: Technological innovations at LIC - 3/4
Technological innovations at LIC - 3/4 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. 40
Slide 42: Technological innovations at LIC – 4/4
Technological innovations at LIC – 4/4 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 43: 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 44: 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. 43
Slide 45: 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 46: Strengthening Digital Process – Customer Service
Strengthening Digital Process – Customer Service Services offered Verified Automated conversation messages WhatsApp services started in Dec-22 22 and 2.42 crore customers opted/enabled until Streamlined Mar-26 Ease of customer interaction services Uptrend in LIC customer APP users Rising website reg
Slide 47: Strengthening Digital Process – Driving Operational Efficiency
Strengthening Digital Process – Driving Operational Efficiency Increasing digital collection across channels (percentage to total transaction) 31.49% 28.24% Other App includes: Amazon Pay ,Bajaj Finserv, CRED, Free Charge, GPay , 23.48% InstaPay, JustDial, 21.84% 21.02% Mobikwik, PhonePe and 19.65%
Slide 48: Customer care – at our core philosophy
Customer care – at our core philosophy Settled total death claims of Rs. 24,885 crore in FY26 as against Rs. 24,420 crore in FY25. Claim settlement ratio (Death) in FY26 is 99.44% by number as against 99.41%² in FY25. The number of policyholders complaints per 10,000 policies sold in FY26 is 3
Slide 49: Key Focus Areas
LIFE INSURANCE CORPORATION OF INDIA
Slide 50: 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 51: Appendix
LIFE INSURANCE CORPORATION OF INDIA
Slide 52: Highly Experienced Management, Distinguished Board and Strong Corporate Governance framework
Highly Experienced Management, Distinguished Board and Strong Corporate Governance framework Shri R Doraiswamy Shri Sanjay Lohiya Chief Executive Officer & Government Nominee Managing Director Director Shri Dinesh Pant Shri Ratnakar Patnaik Managing Director Managing Director Experienced Board of Di
Slide 53: 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 54: Financials - Standalone Balance Sheet
Financials - Standalone Balance Sheet (INR In Crore) Particulars As at March 31st 2025 As at March 31st 2026 Sources of funds Shareholders' funds: Share capital 6,325.00 6,325.00 Reserves and surplus 1,20,095.76 1,69,925.81 Credit/(debit) fair value change account (233.02) (894.43) Sub-total 1,26,18
Slide 55: Financials - Standalone Statement of Revenue (Policyholders' Account)
Financials - Standalone Statement of Revenue (Policyholders’ Account) (INR In Crore) For the Year ended Particulars March 31st 2025 March 31st 2026 Premiums earned - net (a) Premium 4,88,848.92 5,36,748.56 (b) Reinsurance ceded (700.76) (764.34) Sub-total 4,88,148.16 5,35,984.22 Income from investme
Slide 56: Financials – Standalone Statement of Profit & Loss (Shareholders' Account)
Financials – Standalone Statement of Profit & Loss (Shareholders’ Account) (INR In Crore) For the Year ended Particulars March 31st 2025 March 31st 2026 Amounts transferred from/to the Policyholders account (Technical Account) 49,506.72 58,032.27 Income from Investments (a) Interest, Dividends & Ren
Slide 57: 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 58: Life Insurance Premium per Capita
Higher income = Higher wealth/education = More demand for Insurance 2.5k Life Insurance Premium per Capita ($, current) Japan France 2.0k Korea, Rep. Italy United States 1.5k Germany 1.0k Israel Netherlands Spain Australia .5k Portugal Slovenia Thailand Chile China Slovak Republic India Philippines
Slide 59: Household savings to increase
Household savings to increase Household Savings (% of GDP) 30.00% 25.20% 25.00% 23.60% 23.60% 23.10% 22.40% 22.50% 22.70% 20.30% 19.60% 19.30% 20.30% 20.21% Household 20.00% 19.10% 18.00% 18.10% 18.22% saving as percentage 15.00% of GDP is 18.22% in fiscal year 10.00% 2023 5.00% 0.00% FY08 FY09 FY10
Slide 60: Share of life insurance in incremental household financial saving
Share of life insurance in incremental household financial saving 120.00% 100.00% 9.75% 10.29% 10.41% 12.25% 9.46% 13.22% 2.09% 6.02% 6.72% 6.70% 2.65% 6.15% 80.00% 12.45% 7.99% 12.28% 12.16% 10.32% 23.57% 16.18% 21.07% 17.86% 19.48% 21.13% 60.00% 17.96% 18.26% 14.25% 18.18% 16.88% 40.00% 18.22% 16.
Slide 61: Preference for Financial savings - Faster growth for Life Insurance
Preference for Financial savings - Faster growth for Life Insurance 10-Year(FY 2014 to FY 2023) ~ 2,72,40,712 Cr Nominal GDP ~10.3% CAGR ~ 49,63,212 Cr Household (HH) ~9.0% CAGR (18.2% GDP) Savings ~ 29,73,636 Cr Gross Savings in ~10.7% CAGR (59.91% HH savings) Financial Assets ~ 5,40,561 Cr Annual
Slide 62: Protection gap for different countries
Protection gap for different countries 90% 83% 80% 76% 74% 71% 70% 70% 61% 60% 55% 55% 54% India’s protection 50% gap was 83% as of 41% 2019, the highest 40% among all countries in Asia- Pacific¹ 30% 20% 10% 0% India Indonesia Malaysia Thialand China Japan South Korea Singapore Australia Hong Kong P
Slide 63: Well positioned to ride the growth in a highly underinsured market
Life Insurance Penetration %age FY 2024 Insurance Density (in US$)1 FY 2024 18 10000 9000 8624 16 15.7 8000 14 7000 12 5923 6000 10 9.6 4827 9.2 5000 8 7.5 4000 6.5 6.5 6.4 3011 3000 2833 6 2539 2300 2048 4.2 2000 3.8 1501 4 1158 2.7 2.7 1000 605 448 380 313 226 2 201 72 0 0 Hong South United Taiwan
Slide 64: Indian Insurance Industry by premium and policies breakup – FY26
Indian Insurance Industry by premium and policies breakup – FY26 By Total New Business Premium By Total Number of Policies 1,99,249 Crore 0.987 Crore 1.846 Crore 34.84% 2,60,464 Crore 43.34% 56.66% 65.16% Private Sector Public Sector (LIC) Private Sector Public Sector (LIC) Individual NB Premium Gro
Slide 65: ESG Rating
ESG Rating LIC of India achieved a “CareEdge-ESG 1” rating with an ESG score of 74.0, reflecting leadership in governance, transparency and sustainable business practices. 64
Slide 66: 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 52.85% agents in India reside in rural areas. “Bima Gram” i
Slide 67: 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 68: 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 69: Committed to ESG initiatives across the organisation
Committed to ESG initiatives across the organisation Roof top solar capacity installed (KW) Total Reduction of carbon emissions (in tons) 10,499 From 2014 till 31st March 2026 LIC 8,110 has generated 44.55 million (Kwh) 6,575 of energy from solar PV power system resulting in reduction of 4,471 40,09
Slide 70: Awards & Accolades
Awards & Accolades 69 Source: Corporation data as at 31.03.2026
Slide 71: 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 72: 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 73: 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 74: Thank You
THANK YOU —®
Life Insurance Corporation of India — FY2026 Earnings Presentation on 6ix