AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Cessation 30 Sep - LIC CFO Shatmanyu Shrivastava superannuates effective September 30, 2026.
Source: Bse
Life Insurance Corporation Of India (LICI)
Large CapFinancial Services stocks · Large cap · NSE
Life Insurance Corporation of India (LICI) is India's largest life insurer by First Year Premium and market share, with over 69 years of presence. It operates a pan-India agency-led distribution network, complemented by growing bancassurance and digital channels, offering a robust product suite with an increasing focus on non-participating products.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:05 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -3.8% / mo · MACD +
Stock trend: 27
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
LICID candles · FIT view-3.0%Latest close ₹393.35 on 2026-10-19
Bar
-0.7%
RSI
46
MACD hist
1.03
52W pos
30%
2026-10-19O ₹396.10H ₹398.00L ₹391.00C ₹393.35Vol 57.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
LICINifty Financial ServicesNifty 500
- LICI
- -9.2%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -3.6 pp
Chart stats
19 Oct 2026- From 52W high
- -16.0%
- 52W range position
- 30%
- ATR (14)
- 2.2%
- Volume vs 20D
- 0.88x
- Avg traded value
- ₹255 Cr
- 20D price channel
- ₹378.2 - ₹417.8
₹468.5
₹360.8 - ₹468.5
₹8.7
Latest completed session
20-session average
23.8% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED67
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good60
Revenue +6.8% · PAT +24.0% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model+67.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 60/100Rev +7% YoY · PAT +24% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,39,866 Cr | +6.8% | -13.3% |
| EBITDA | ₹14,012 Cr | +33.8% | +24.9% |
| Operating margin | 6.0% | +130 bps | +190 bps |
| PAT | ₹13,584 Cr | +24.0% | -42.1% |
| PAT margin | 5.7% | +78 bps | -282 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.27
- P/B
- 2.81
- EV/EBITDA
- 10.55
- Market Cap
- 496704.00Cr
Profitability
- ROE
- 37.80%
- ROCE
- 35.10%
- ROA
- 1.01%
- Dividend Y
- 2.55%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- 81.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 0.30
- Book Value
- 140.00
Cash Flow
- FCF Yield
- 2.11%
- FCF Positive Y
- 8/5
- OCF
- -26211.00 Cr
- EPS TTM
- 47.49
Shareholding
- Promoter Hold
- 96.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 30%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 239.9k-13.3% vs prev
Net Profit
₹ CrLatest: 13.6k-42.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 46. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.0% over last month) — short-term momentum negative.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 16% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
47
RS percentile
Stage 4 Downtrend
1M return
-3.5%
3M return
-9.2%
6M return
-4.1%
1Y return
-12.6%
RS 1D
+2
RS 20D
+11
Sector rank
#9
Industry rank
#17
Stage evidence
- Price is 3.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 92.92-0.08%
RS vs Nifty 50093
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · UNDERVALUEDValuation21/30
Growth14/25
Quality18/20
Balance Sheet6/15
Cash Flow5/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
67
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
67/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 67.5%.
- Quality contributes 18/20 to the score.
- Valuation contributes 21/30 to the score.
Main drags
- Altman Z is 0.3, in distress territory.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Sector valuation model
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Primary lens
P/embedded value where available, plus VNB growth and margin.
Secondary checks
Persistency, product mix, solvency, distribution strength.
Main risk check
Accounting profit is less useful than embedded value quality.
PE
8.3
PB
2.8
EV/EBITDA
10.6
ROE
37.8%
ROCE
35.1%
FCF Yield
2.1%
Debt/Equity
0.0
MoS
+67.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
67
Previous: 67
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+67.5%
Previous: +67.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
68
68
68
68
68
67
67
67
68
67
67
67
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹386.77
-1.7% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹1,211
+67.5% MoS
PEG
0.15
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HDFCLIFE
Large
HDFC Life Insurance Company Limited
Insurance
match 152
19
59.8
11.3%
-264%
OVERVALUED
ICICIPRULI
Large
ICICI Prudential Life Insurance Company Limited
Insurance
match 152
23
37.3
10.0%
-18%
OVERVALUED
CANHLIFE
Large
Canara HSBC Life Insurance Company Limited
Insurance
match 150
20
95.7
8.1%
-545%
OVERVALUED
MFSL
Mid
Max Financial Services Limited
Insurance
match 144
11
407.0
1.5%
-23112%
OVERVALUED
SHRIRAMFIN
Large
Shriram Finance Limited
Insurance
match 129
47
19.8
16.4%
+6%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-09T07:13:45.312Z
Management commentary snapshot
LICI reports strong FY26 performance with PAT up 19.2%, Net VNB up 41.6%, and AUM growing 5.1% YoY. Solvency ratio improved to 235%, and overall expense ratio declined to 11.9%, driven by a favorable business mix shift.
LICI demonstrated significant growth in profitability and efficiency in FY26, driven by a strategic shift towards higher-margin Non-Participating products and improved operational metrics. The company maintains a robust capital position and continues to expand its distribution reach, supporting its market leadership.
Growth engines
Shift to Non-Participating Products
Non-Participating products' share in Individual New Business by Premium increased to 60.8% in FY26 from 53.3% in FY25, driving VNB margin expansion.
Bancassurance & Alternate Channels
Share of Bancassurance, Alternates & Others in Individual New Business by Premium increased to 8.2% in FY26 from 6.1% in FY25.
Pan-India Distribution Franchise
Company maintains India's largest agency force (~1.5 Mn agents) and 3,636 branch/satellite offices, covering 92% of districts.
Digital Transformation
Accelerating digital journey with 'LIC Super Sales Sathi App' for agents and 'MY LIC App' for customers to enhance experience and efficiency.
Capacity and execution
Bima Sakhi Yojana
0.35 Mn Mahila Career Agents (MCAs) appointed, procuring 2.19 Mn policies and USD 300.9 Mn NBP, covering 59% of Gram Panchayats.
Bancassurance Partnerships
Expanded bancassurance network to 92 partnerships, contributing to increased premium from alternate channels.
Tailwinds
Underpenetrated Indian Insurance Market
India's life insurance penetration (2.7% of GDP in FY24) and density (USD 72 in FY24) are significantly lower than major economies, indicating substantial growth potential.
Growing Economy
Indian market is underinsured compared to major economies, providing a large addressable market for life insurance products.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The provided data is annual (FY22, FY24, FY25, FY26), making year-over-year comparison appropriate to assess long-term trends and annual performance across key financial and operational metrics.
Sector KPIs management disclosed
Total Premium Income
Total Premium Income increased to USD 56,625 Mn in FY26 from USD 51,572 Mn in FY25, a growth of 9.8% YoY.
PAT
Profit After Tax (PAT) grew to USD 6,066 Mn in FY26 from USD 5,087 Mn in FY25, an increase of 19.2% YoY.
Net VNB
Net Value of New Business (VNB) increased to USD 1,498 Mn in FY26 from USD 1,058 Mn in FY25, a growth of 41.6% YoY.
Net VNB Margin %
Net VNB Margin % improved to 21.2% in FY26 from 17.6% in FY25, an increase of 360 basis points YoY.
Management forward view
Consolidate Non-Par Business Gains
Management aims to consolidate the gains achieved in enhancing the share of Non-Participating products within individual businesses.
Strengthen Alternate Distribution
Management intends to consolidate distribution gains achieved via Bancassurance and Alternate Channels.
Digital and Agency Transformation
Management focuses on digital and agency transformation projects to align with new skills and emerging market demands.
Investment Yield Maximization
Management's strategy includes focusing on investment yield maximization while balancing risk.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Non-Participating Product Mix (Individual New Business Premium) | 60.8% in FY26 | Continued increase in the share of Non-Participating products to sustain VNB margin expansion. |
| Bancassurance & Alternates Share (Individual New Business Premium) | 8.2% in FY26 | Sustained growth in contribution from bancassurance and alternate channels to diversify distribution. |
| Net VNB Margin % | 21.2% in FY26 | Maintenance or further improvement in Net VNB Margin % as a key indicator of profitability and product strategy effectiveness. |
| Overall Expense Ratio | 11.9% in FY26 | Continued efficiency gains and reduction in the overall expense ratio. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
operational efficiencynot yet verifiablequantified
LIC aims to appoint at least one Bima Sakhi in every gram panchayat.
Timeframe: Long-termDirection: IncreaseConfidence: High
"Our objective is to appoint at least one Bima Sakhi in every gram panchayat"
market share expansionnot yet verifiable
LIC is confident of accelerating its efforts towards achieving “Insurance for All by 2047” through customer-friendly initiatives.
Timeframe: By 2047Direction: IncreaseConfidence: High
"confident that we'll be able to accelerate our efforts towards “Insurance for All by 2047”"
revenue outlookdelivered
LIC is very confident of catching up and showing a good performance on the number of policies sold by the end of the current financial year.
Timeframe: By the end of the current financial yearDirection: IncreaseConfidence: Very confident
"we are very confident by the end of the current financial year, we will be able to completely catch up"
Outcome check: Revenue YoY averaged 14.8% across 2 later quarter(s).
sector recoverynot yet verifiable
The full impact of the GST exemption on life insurance products will be seen in the coming quarters.
Timeframe: Coming quartersDirection: PositiveConfidence: High
"believe that the full impact will be seen in the coming quarters"
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 72nd percentile of the scored universe and 84th percentile within Financial Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
106 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Financial Services: 84th pctile, median 62 · Large: 51st pctile, median 73
Evidence depth
Financial-only
106 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
62
acceptable · profit to cash conversion
Balance sheet
62
acceptable · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 96.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.1%.
- ▸8 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-26211 Cr.
- ▸Altman Z is 0.30.
- ▸ROCE trend is -18.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Life Insurance Corporation Of India
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Cessation 30 Sep - Four senior management officials will superannuate on September 30, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 25 Sep - Shri Dinesh Pant resigned as LIC Managing Director and KMP, effective September 24, 2026.
Source: Bse
Investor presentationSep 2026
Sep 2026 · Update On Analyst/Institutional Investor Meet/Conference 22 Sep - LIC attended investor meet on September 22, 2026; no UPSI shared, presentation available online.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Cessation 31 Aug - Executive Director Sesha Giridhar Kuppili superannuates on August 31, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 18 Aug - Shri Madhu V. S. re-designated as Additional Director, Management Development Centre, Mumbai, effective August 17, 2026.
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 6 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 16 Jun - LIC MD Dinesh Pant appointed Whole Time Member (Actuary) at IRDAI for five years.
Source: Bse
Annual report
Annual Report For The FY 2025-26 And E-Mail Communication To Members 2d - LIC issued FY2025-26 annual report, AGM notice, remote e-voting dates, and recommended ₹10 final dividend.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.