Life Insurance Corp. Of India · NSE:LICI
Life Insurance Corp. Of India — Life Insurance Corporation of India — Q1 FY27 Earnings Presentation
69 slides from Life Insurance Corp. Of India's earnings presentation, Aug 6, 2026
Slide 1: Stock exchange intimation letter for analyst call presentation
Ref. No.: LIC/SE/2026-27/78 Date: August 06, 2026 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 Q1 FY27
Investor Presentation Q1 FY27 6th August 2026
Slide 3: Agenda
AGENDA 1 INTRODUCTION TO LIC 5 ACHIEVING OPERATIONAL EFFICIENCIES 2 BUSINESS AND FINANCIAL UPDATES 6 KEY FOCUS AREAS 3 ACTUARIAL UPDATES 7 APPENDIX 4 MARKETING AND DISTRIBUTION STRENGTHS
Slide 4: Introduction to LIC
1 INTRODUCTION TO LIC
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 2nd Strongest Insurance Brand Globally² 3rd Most Valuable Indian Brand³ 4th Strongest Indian Brand³ 12th position as a Most Valuable Insurance Brand Globally² Achieved GUINNESS WORLD R
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 2026) • Non Participating Products • Participating Products 12 26 (Including four Annuity Products) • Group Products¹ 14 8 • Riders As of 30th June, 2026 the Corporation’s product
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 group products launched during Q1 FY27
New group products launched during Q1 FY27 LIC’s New Jeevan Sathi – LIC’s New Jeevan Sathi – Name of Products Single Premium Limited Premium Introduction date 01.06.2026 01.06.2026 Par/Non Par Non-Par Non-Par Product Category Joint Life Single Premium Joint Life Limited Premium Endowment Product End
Slide 9: Business and Financial Updates
2 BUSINESS AND FINANCIAL UPDATES
Slide 10: Business Performance Parameters – Q1 FY27
Business Performance Parameters – Q1 FY27 Amount INR Crore Q1 FY27 INR 1,27,250 Cr Q1 FY27 INR 51,834 Cr Total Group Business Total Premium Income +6.75 % +8.61 % Premium Q1 FY26 INR 1,19,200 Cr Q1 FY26 INR 47,726 Cr Q1 FY27 INR 14,351 Cr Q1 FY27 60.10% Individual New Business Market Share in -3.41%
Slide 11: Business Performance Parameters – Q1 FY27
Business Performance Parameters – Q1 FY27 Amount INR Crore Q1 FY27 INR 8,053 Cr Q1 FY27 INR 1,12,911 Cr Weighted Received Total Individual New Premium (Individual) +18.01% +8.01% Q1 FY26 INR 6,824 Cr Business Sum Assured Q1 FY26 INR 1,04,534 Cr Q1 FY27 1,91,936 Q1 FY27 5,934 Cr Total Number of Death
Slide 12: Financial Performance Parameters – Q1 FY27
Financial Performance Parameters –Q1 FY27 Amount INR Crore Q1 FY27 INR 13,492 Cr Q1 FY27 94.03% Claim Settlement Ratio -0.56% Profit After Tax +22.81% Death¹ Q1 FY26 INR 10,986 Cr Q1 FY26 94.59% (Absolute) Q1 FY27 2.42 Q1 FY27 31,02,281 +0.25% Number of Policies sold +2.06% Solvency Q1 FY26 2.17 (Ab
Slide 13: Performance Ratios – Q1 FY27
Performance Ratios – Q1 FY27 Q1 FY27 8.28% Q1 FY27 6.21% Yield on Investment -0.17 % Yield on Investment +0.07% (Policyholders Fund)² (Absolute) (Shareholders Fund)² (Absolute) Q1 FY26 8.45% Q1 FY26 6.14% Q1 FY27 1.21 % Q1 FY27 90.93% -0.21 % -2.79 % Total Gross NPA Ratio¹ Conservation Ratio Q1 FY26
Slide 14: Actuarial Updates
3 ACTUARIAL UPDATES
Slide 15: 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. 14
Slide 16: APE / VNB / VNB Margin
Annualized Premium Equivalent (APE)/VNB/VNB Margin Amount INR Crore Year on Year APE - Line of Business Q1 FY26 Q1 FY27 Growth A Individual Par 4,919 5,085 3.37% B Individual Non Par 2,142 2,447 14.24% 1 Individual Saving 812 1,293 59.24% 2 Protection 39 56 43.59% 3 Annuity 364 330 -9.34% 4 ULIP 927
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 (Q1 FY26) Breakup of Individual APE (Q1 FY27) Non- Par Non- Par 69.66% 30.34% 67.51% 32.49% Par Par Source: Corporation data; 1. Within India Business 16
Slide 18: VNB Walk Q1 FY26 to Q1 FY27
VNB Walk Q1 FY26 to Q1 FY27 Source: Corporation Data 17
Slide 19: Change in Persistency Ratios - Q1 FY27
Change in Persistency Ratios - Q1 FY27 On Number of Policies Basis 66.45% Persistency ratio by # policies 64.35% 60.15% 58.07% 54.23% 56.14% 50.79% 51.27% 51.12% 48.74% 13th Month 25th Month 37th Month 49th Month 61st Month Q1FY26 Q1FY27 On Premium Basis 75.63% 75.33% 71.53% Persistency ratio by #pr
Slide 20: Marketing and Distribution Strengths
4 MARKETING AND DISTRIBUTION STRENGTHS
Slide 21: Robust agency force
Robust agency force # Agents in lacs Largest agency force 18.36 18.63 16.36 14.80 14.87 14.57 14.46 14.15 13.47 12.81 12.09 10.70 Higher Vintage: 52.96% > 5 Years FY20 FY23 FY24 FY25 FY26 Q1 FY27 Others LIC LIC has dominant agency force – 43.69% of Life Insurance Industry. Source: Corporation data a
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 Above 60 yrs 18-30 yrs 14% 16% 31-35 yrs 51-60 yrs 12% 21% 52.96% 47.04% 36-40 yrs 13% 41-50 yrs Up to 5 Yea
Slide 23: Agents’ training
Agents’ training Training in Sales Training Centers 4,28 Agents fulfilling the MDRT criteria¹ Total number of training and Zonal Training Centers – infrastructure - 716 76,269 76.75% Agents recruited within the 18-40 years Total 96,610 agents age group trained in Q1 FY27 Imparted training to newly r
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 women • Stipendiary scheme for three years • Stipendiar
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 2.54% Employees 8 Zonal Training Centers 8 Zonal Offices 3.19% Employees 35 Sales Training Centers 113 Divisional Offices¹ 14.13% Employees 113 Divisional Training Centers 2,130 Branch
Slide 26: Differentiated business model with deep competitive moats
Differentiated business model with deep competitive moats Geographic Distribution of Individual Agents (%) FY23 FY24 FY25 FY26 Q1FY27 Rural 48.22% 49.06% 51.02% 52.85% 53.26% Urban 51.78% 50.94% 48.98% 47.15% 46.74% Pan India presence of Agents which shows our feet on street Source Corporation data
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 (2,369 MICRO 14.46¹ lacs Agents exclusive to LIC 39,054³ Insurance Premium Points) 1762 Corporate Agents 304 Brokers 169 Insurance Marketing Firms 36 Covering 92% districts v
Slide 28: 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) Q1 FY 26 Particulars Others +5.25% 907 Banks 4.23% 862 Alternates 2.66% 7.67% 92.33% Digital Marketing 0.78% Total 7.67% Agency Others Q1 FY
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 (Q1 FY27) Breakup by no. of policies (Q1 FY27) Non- Par Non- Par Non Par NB Non Par Particulars Particulars share Par NBP share Par (# policy) Protection 0.31% Term 0.33% 81.86% 42.02% Health Insuranc
Slide 30: Group Business Segment
Group Business Segment Amount INR Crore New Business Premium Market Share ( by premium) Q1 FY26 Q1 FY26 Q1 FY27 Q1 FY27 76.54% 70.90% 46,907 51,229 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 29 Source: Corporation data. ; Figures may not add up to total due to rounding off.
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 Tela
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 - 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 35: 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 36: 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. 35
Slide 37: 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 38: 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 39: 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. 38
Slide 40: 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 41: Strengthening Digital Process – Customer Service
Strengthening Digital Process – Customer Service Services offered Verified Automated conversation messages WhatsApp services started in Dec-22 22 and 2.46 crore customers opted/enabled until Streamlined June-26 Ease of customer interaction services Uptrend in LIC customer APP users Rising website re
Slide 42: Strengthening Digital Process – Driving Operational Efficiency
Strengthening Digital Process – Driving Operational Efficiency Increasing digital collection across channels (percentage to total transaction) 37.69% Other App includes: 30.41% Amazon Pay ,Bajaj Finserv, CRED, Free Charge, GPay , InstaPay, JustDial, Mobikwik, PhonePe and 23.18% 23.11% Paytm. 21.01%
Slide 43: Customer care – at our core philosophy
Customer care – at our core philosophy Settled total death claims of Rs. 5,934 crore in Q1 FY27 as against Rs. 5,877 crore in Q1 FY26. Claim settlement ratio (Death) in Q1 FY27 is 94.03% by number as against 94.59%² in Q1 FY26. The number of policyholders complaints per 10,000 policies sold in
Slide 44: Key Focus Areas
6 KEY FOCUS AREAS
Slide 45: Our Strategy – Key Focus Areas
Our Strategy – Key Focus Areas #1I. Focus on digital and agency transformation project #2I. Consolidate gain achieved in enhancing share of Non Par within the individual businesses #3I. Consolidate the distribution gains achieved via Bancassurance and Alternate Channels #4I. Market share with focus
Slide 46: Appendix
7 APPENDIX
Slide 47: 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 Director Managing Director Experienced Board of Shri Dinesh Pant Shri Ratnakar Patnaik Managing Director Managing Director Di
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 Gift City Branch 49.24%4 Equity Participation 100.00% Country Entity St
Slide 49: Financials - Standalone Balance Sheet
Financials - Standalone Balance Sheet (INR In Crore) For the Year ended For the three Months ended Particulars March 31st 2025 March 31st 2026 June 30th 2025 June 30th 2026 Sources of funds Shareholders' funds: Share capital 6,325.00 6,325.00 6,325.00 12,650.00 Reserves and surplus 1,20,095.76 1,69,
Slide 50: 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 2025 March 31st 2026 June 30th 2025 June 30th 2026 Premiums earned - net (a) Premium 4,88,848.92 5,36,748.56 1,19,333.04 1,27,420.12 (b) Reinsuran
Slide 51: 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 2025 March 31st 2026 June 30th 2025 June 30th 2026 Amounts transferred from/to the Policyholders account (Technical Account) 49,506.72 58,032
Slide 52: 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 53: Life Insurance Premium per Capita
Higher income = Higher wealth/education = More demand for Insurance 2.5k Life Insurance Premium per Capita ($, current) Japan France 2.0k Korea, Rep. Italy United States 1.5k Germany 1.0k Israel Netherlands Spain Australia .5k Portugal Slovenia Thailand Chile China Slovak Republic India Philippines
Slide 54: Household savings to increase
Household savings to increase Household Savings (% of GDP) 30.00% 25.20% 25.00% 23.60% 23.60% 23.10% 22.40% 22.50% 22.70% 20.30% 19.60% 19.30% 20.30% 20.21% Household 20.00% 19.10% 18.00% 18.10% 18.22% saving as percentage 15.00% of GDP is 18.22% in fiscal year 10.00% 2023 5.00% 0.00% FY08 FY09 FY10
Slide 55: Share of life insurance in incremental household financial saving
Share of life insurance in incremental household financial saving 120.00% 100.00% 9.75% 10.29% 10.41% 12.25% 9.46% 13.22% 2.09% 6.02% 6.72% 6.70% 2.65% 6.15% 80.00% 12.45% 7.99% 12.28% 12.16% 10.32% 23.57% 16.18% 21.07% 17.86% 19.48% 21.13% 60.00% 17.96% 18.26% 14.25% 18.18% 16.88% 40.00% 18.22% 16.
Slide 56: Preference for Financial savings - Faster growth for Life Insurance
Preference for Financial savings - Faster growth for Life Insurance 10-Year(FY 2014 to FY 2023) ~ 2,72,40,712 Cr Nominal GDP ~10.3% CAGR ~ 49,63,212 Cr Household (HH) ~9.0% CAGR (18.2% GDP) Savings ~ 29,73,636 Cr Gross Savings in ~10.7% CAGR (59.91% HH savings) Financial Assets ~ 5,40,561 Cr Annual
Slide 57: Protection gap for different countries
Protection gap for different countries 90% 83% 80% 76% 74% 71% 70% 70% 61% 60% 55% 55% 54% India’s protection 50% gap was 83% as of 41% 2019, the highest 40% among all countries in Asia- Pacific¹ 30% 20% 10% 0% India Indonesia Malaysia Thialand China Japan South Korea Singapore Australia Hong Kong P
Slide 58: Well positioned to ride the growth in a highly underinsured market
Life Insurance Penetration %age FY 2024 Insurance Density (in US$)1 FY 2024 18 10000 16 15.7 9000 8624 8000 14 7000 12 5923 6000 10 9.6 9.2 5000 4827 8 7.5 6.5 6.5 4000 6.4 6 3011 3000 2833 2539 4.2 2300 3.8 2048 4 2000 2.7 2.7 1501 1158 2 1000 605 448 380 313 226 201 72 0 0 Hong South United Taiwan
Slide 59: 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 60: 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. Source: Care ESG Rating dated 14th May, 2026. 59
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 53.26% 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 Organisation
Committed to ESG initiatives across the Organisation Roof top solar capacity installed (KW) Total Reduction of carbon emissions (in tons) 10,809 10,499 8,110 From 2014 till 30th June 2026 LIC has 6,575 generated 46.36 million (Kwh) of energy 4,471 from solar PV power system resulting in 3,141 3,376
Slide 65: Awards & Accolades
Awards & Accolades Source: Corporation data as at 30.06.2026 64
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 LIC of India
Life Insurance Corporation of India — Q1 FY27 Earnings Presentation on 6ix