Life Insurance Corporation of India
LICIFinancial Services filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
15 transcript(s)/analyst meet(s) served; 2 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 15 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20220819 | 2022-06-30 | yes | |
| TRANSCRIPT | 20221118 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230216 | 2022-12-31 | yes | |
| TRANSCRIPT | 20230531 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230821 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231117 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240216 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240603 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240819 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241118 | 2024-09-30 | yes | |
| DUPLICATE | 20241118 | 2024-09-30 | no | |
| TRANSCRIPT | 20250214 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250603 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250814 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251113 | 2025-09-30 | yes | |
| DUPLICATE | 20251113 | 2025-09-30 | no | |
| TRANSCRIPT | 20260528 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260812 | 2026-06-30 | yes |
LICI
files the life-insurance revenue and shareholders’ accounts. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | insurance life |
| Scope served | consolidated |
| Panels on this page | 5 |
Market
The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.
| Last close | 406.00 |
| 52-week range | 362.82 – 462.07 |
| Return 1M | -4.25% |
| Return 3M | -4.1% |
| Return 1Y | -9.2% |
| Return 3Y | 25.57% |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Net premium | 62,986.00 |
| Income from investments | 62,549.00 |
| Income from investments, net | 109,685.00 |
| Commission, net | 5,062.00 |
| Operating expenses related to insurance business | 8,543.00 |
Ownership — 2026-06-30, and the change from 2026-06-01
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.96 | 0.00 |
| institutions foreign | 0.00 | 0.00 |
| institutions domestic | 0.01 | -0.00 |
| mutual funds | 0.01 | -0.00 |
| public | 0.04 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| DUPLICATE | 2025-09-30 | 2 |
| TRANSCRIPT | 2026-06-30 | 16 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Cash flow, as filed
| Line | 2025-09-30 | 2026-03-31 |
|---|---|---|
| Net cash from operating activities | 14,375.00 | -26,211.00 |
| Net cash from investing activities | -21,210.00 | 34,708.00 |
| Net cash from financing activities | -7,590.00 | -7,626.00 |
| Purchase of property, plant and equipment | 407.00 | 1,116.00 |
| Net increase in cash | -13,482.00 | 2,856.00 |
| con:CFO.BEFORE_TAX | 19,448.00 | -16,424.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 3,803.00 | 5,559.00 |
| con:CF_OTHER.OPERATING | -1,270.00 | -4,229.00 |
| con:INVESTMENTS_PURCHASED | 318,008.00 | 600,516.00 |
| con:INVESTMENTS_SOLD | 156,208.00 | 330,047.00 |
| con:PPE_DISPOSALS | 25.00 | 146.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 |
Revenue account (policyholders), as filed
| Line | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|
| Net premium | 62,349.00 | 66,449.00 | 71,568.00 | 284,776.00 | 62,986.00 |
| Income from investments | 60,581.00 | 72,635.00 | 64,038.00 | 266,071.00 | 62,549.00 |
| Income from investments, net | 103,252.00 | 112,528.00 | 107,704.00 | 431,574.00 | 109,685.00 |
| Commission, net | 4,975.00 | 5,807.00 | 6,040.00 | 24,556.00 | 5,062.00 |
| Operating expenses related to insurance business | 7,583.00 | 9,501.00 | 9,604.00 | 39,653.00 | 8,543.00 |
Profit and loss account (shareholders), as filed
| Line | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|
| Income in the shareholders' account | 1,846.00 | 2,114.00 | 2,311.00 | 8,786.00 | 2,609.00 |
| Shareholders' other income | 45.00 | 48.00 | 49.00 | 191.00 | 52.00 |
| Transfer from the policyholders' account | 10,738.00 | 9,454.00 | 11,672.00 | 54,057.00 | 12,209.00 |
| con:EXTRAORDINARY_ITEMS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit carried to the balance sheet | 131,131.00 | 133,621.00 | 146,548.00 | 170,003.00 | 177,262.00 |
| Final dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Earnings per share, basic | 17.32 | 15.97 | 20.44 | 90.84 | 10.74 |
| Total income | 224,950.00 | 241,536.00 | 236,094.00 | 981,779.00 | 240,168.00 |
| Other income | 38.00 | 44.00 | 55.00 | 2,380.00 | 591.00 |
| Total expenses | 212,730.00 | 230,951.00 | 222,826.00 | 920,740.00 | 226,208.00 |
| con:OTHER_OPERATING_EXPENSES | 503.00 | 542.00 | 572.00 | 2,372.00 | 534.00 |
| con:INS.PROVISIONS_DOUBTFUL | -26.00 | -157.00 | -85.00 | -811.00 | -566.00 |
Funds and assets, as filed
| Line | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|
| Other assets net of current liabilities | 273,701.00 | 289,220.00 | 285,167.00 | 329,175.00 | 325,750.00 |
| Total assets | 5,833,661.00 | 5,860,846.00 | 6,048,317.00 | 5,909,531.00 | 6,098,851.00 |
| Investments | 5,559,960.00 | 5,571,626.00 | 5,763,151.00 | 5,580,356.00 | 5,773,101.00 |
| Reserves and surplus | — | 135,016.00 | — | 171,508.00 | — |
| Borrowings | — | 0.00 | — | 0.00 | — |
| con:LOANS | — | 131,711.00 | — | 131,249.00 | — |
| Property, plant and equipment | — | 4,530.00 | — | 4,757.00 | — |
| Current assets | — | 203,388.00 | — | 232,194.00 | — |
| Current liabilities | — | 35,464.00 | — | 39,024.00 | — |
| con:PROVISIONS | — | 14,946.00 | — | 1.00 | — |
Solvency and underwriting ratios, as filed
| Line | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|
| Solvency ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Expenses of management ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INS.NPA_GROSS_NONLINKED_PAR | 8,322.00 | 7,935.00 | 7,746.00 | 7,169.00 | 7,132.00 |
| con:INS.NPA_NET_LINKED_PAR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-01 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 96.50 | 96.50 | 96.50 | 96.50 | 96.50 | 96.50 | 96.50 | 96.50 | 96.50 | 0.96 | 0.96 | 0.96 | 0.96 | 0.96 |
| Domestic institutions | 0.83 | 0.85 | 1.00 | 0.86 | 0.94 | 1.17 | 1.27 | 1.28 | 1.37 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Mutual funds | — | — | — | — | — | — | — | — | 1.24 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Insurance companies | 0.07 | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Foreign institutions | 0.08 | 0.10 | 0.06 | 0.15 | 0.19 | 0.15 | 0.07 | 0.10 | 0.11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Government | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Non-institutional | 2.59 | 2.56 | 2.44 | 2.49 | 2.37 | 2.18 | 2.16 | 2.12 | 2.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Shares outstanding | 6324997701 | 6324997701 | 6324997701 | 6324997701 | 6324997701 | 6324997701 | 6324997701 | 6324997701 | 6324997701 | 6324997701 | 6324997701 | 6324997701 | 12649995402 | 12649995402 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| LIC Mutual Fund Asset Management Ltd | Associate | Any other transaction | 207,028,400,000.00 | 8 |
| LIC Housing Finance Ltd | Associate | Any other transaction | 933,400,000.00 | 8 |
| IDBI Bank Ltd | Associate | Any other transaction | 667,600,000.00 | 11 |
| LIC Lanka Ltd | Subsidiary | Any other transaction | 140,400,000.00 | 1 |
| LIC HFL Asset Management Company Ltd. | Associate | Any other transaction | 94,700,000.00 | 1 |
| National Insurance Academy | Significant Influence | Any other transaction | 72,500,000.00 | 2 |
| LIC Cards Services Ltd | Wholly Owned Subsidiary | Any other transaction | 72,000,000.00 | 4 |
| LIC HFL Asset Management Company Ltd | Associate | Any other transaction | 32,500,000.00 | 4 |
| LIC Pension Fund Ltd | Wholly Owned Subsidiary | Any other transaction | 17,400,000.00 | 2 |
| Insurance Institute of India | Significant Influence | Any other transaction | 15,100,000.00 | 2 |
| LIC INTERNATIONAL BSC c | Subsidiary | Any other transaction | 14,100,000.00 | 2 |
| IDBI Trusteeship Services Ltd | Associate | Any other transaction | 9,500,000.00 | 3 |
| Dinesh Pant | Key Managerial Personnel | Any other transaction | 8,500,000.00 | 1 |
| Jagannath M | Director | Any other transaction | 7,200,000.00 | 3 |
| Tablesh Pandey | Director | Any other transaction | 6,500,000.00 | 2 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-05-28 | Q4FY26 | INSURANCE CORPORATION OF INDIA, OF INDIA | Read the call |
| 2025-11-13 | Q2FY26 | CORPORATION OF INDIA, INSURANCE CORPORATION OF INDIA, OF INDIA | Read the call |
| 2025-08-14 | Q1FY26 | INDIA, INSURANCE CORPORATION OF INDIA | Read the call |
| 2025-06-03 | Q4FY25 | CORPORATION OF INDIA, INSURANCE CORPORATION OF INDIA, LIFE, MANAGING | Read the call |
| 2025-02-14 | Q3FY25 | CORPORATION OF INDIA, INSURANCE CORPORATION OF INDIA | Read the call |
| 2024-11-18 | Q2FY25 | CORPORATION OF INDIA, INSURANCE CORPORATION OF INDIA | Read the call |
| 2024-08-19 | Q1FY25 | CORPORATION OF INDIA, INSURANCE CORPORATION OF INDIA | Read the call |
| 2024-06-03 | Q4FY24 | INSURANCE CORPORATION OF INDIA | Read the call |
| 2024-02-16 | Q3FY24 | CORPORATION OF INDIA, INSURANCE CORPORATION OF INDIA | Read the call |
| 2023-11-17 | Q2FY24 | CORPORATION OF INDIA, CUSTOMER RELATIONSHIP MANAGEMENT/ POLICY, INDIA, INSURANCE CORPORATI | Read the call |
| 2023-08-21 | Q1FY24 | CORPORATION OF INDIA | Read the call |
| 2023-05-31 | Q4FY23 | CORPORATION OF INDIA | Read the call |
| 2023-02-16 | Q3FY23 | Read the call | |
| 2022-11-18 | Q2FY23 | (CRM/CLAIMS/ANNUITIES), (LIC), (CRM/PS), (LIC), (LIC), (MBAC), (LIC), (P&GS), (LIC), DIREC | Read the call |
| 2022-08-19 | Q1FY23 | (MARKETING), LIC, DIRECTOR (MARKETING-BANCASSURANCE AND, HEAD, RELATIONS), LIC, SHRI. | Read the call |
What they said about it, quarter by quarter
| Topic | Q2FY26 | Q3FY23 | Q3FY24 | Q3FY25 | Q4FY23 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capital allocation | — | — | Before I close my opening remarks, I would like to share that the Board has approved an Interim Dividend of Rs. | — | Second question was on the conservative dividend policy that you adopted this year, I understand that there has been a significant rise in the shareho… | I would like to share that the Board has recommended a Final Dividend of Rs. | I would like to share that the Board has recommended a Final Dividend of Rs. | I would like to share that the Board of Directors has recommended a final dividend of INR10 per equity share of INR10 each equivalent to INR20 per equ… |
| Debt and cash | — | So, certain changes from quarter-to- quarter can always be expected because the cash flow timing can vary depending upon the corporate's plan of actio… | So therefore, annuities are matched by long-dated papers so that and where the cash flow matching is actually in tune with the investment asset there. | So our entire exposure is available as a cash flow. | — | One is the arrears, one is the gratuity revenue and cash flow, and third is the pension liability. | Actually, one has to look at it because the items which are shown as persistency, mortality, morbidity etc. These are not directly additive in the sen… | — |
| Demand | — | Within non par individual segment, basis dynamic customer demand, and our sales processes, the product category contributions to volume of overall bus… | And the second part is when you look at Life Insurance Corporation February 09, 2024 the pipeline for 4Q, do you have any similar product which can su… | — | We believe this marginal dip of 12 month period versus 9 month period is very specific to the customer demand characteristics during last quarter of F… | — | We have grown significantly in ULIP because it has been the demand from the side of the customers, and that has been the flavour of the market. | So how -- have you seen the ULIP demand or we have seen the non-par demand, guaranteed product demand being sustaining? |
| Guidance | So looking ahead, should we expect the share of the ULIP to grow meaningfully from current level, similar to the private players? | And we expect, you know, a lot of business to come because that product is available for sale in this quarter up to Q4 only. | And what would be the guidance for FY '25 and over medium term? | We expect the life insurance industry to continue growing, driven by increasing awareness and demand for insurance products. | And we expect with interest rates settling down, in fact, there will be possibly there'll be some correction. | We expect a very decent growth in the Banca business, but without losing focus on our major strengths, which is the agency channel. | — | We expect it to be sustained in the future also, that also has been kept in mind before the board decided the amount of dividend to be declared. |
| Margin | On the solvency margin part, I would request my Appointed Actuary to give the full details. | At this point, I would like to mention that the current period profit has increased due to transfer of an amount of INR 19,941.60 crore (Net of Tax), … | The current nine month period profit includes the transfer of an amount of INR 21,461 crore (Net of Tax), pertaining to the accretions on the Availabl… | Further, the net VNB margin was 17.1% for the nine months ended December 31st 2024 as compared to 16.6% for the nine months ended December 31st 2023 s… | Life Insurance Corporation May 25, 2023 Further, I would like to explain that the current year profit has increased due to transfer of an amount of IN… | The current year profit includes the transfer of an amount of INR 29,518.75 crore (Net of Tax), pertaining to the accretions on the Available Solvency… | Before I explain VNB Margin, I must add here that for the first time we have crossed VNB of INR 10,000 Crore mark. | Further, net VNB margin has improved by 360 basis points on a year-on-year basis to 21.2% for the year ended 31 March, 2026 from 17.6% for the previou… |
| People | — | — | So we want the policy in place and make a selective utilization of that wherever we need it. | — | — | And just lastly on the agency channel, can you please help highlight as in what potential challenges do you see in growing the agent headcount? | — | — |
| Pricing | — | Or is there something else on the pricing side also? | So again, we are continuously looking into this segment, and we'll look into which are the elements where we can look into reviewing the pricing also. | Should we find that the level of available opportunities even for hedging in the market are not aligned to the pricing, then there's no option but to … | What we have done is modified the feature or the pricing or the -- actually at minimum sum assured level -- or minimum ticket size levels, they were g… | — | So we have to take a very calibrated approach that even when we drive and we offer these products for the customers as a solution, the risk associated… | So my first question was on non-par pricing. |
| Revenue growth | So the entire effort of the corporation, as we already come out and disclosed also, is at this point of time take this opportunity for growth of the b… | For the nine months ended December 31st, 2022 we have reported a Total Premium Income of INR 3,42,244 crore showing a growth of 20.65% over the total … | Even on premium basis, approximately 96% of New Business Premium came from our Agency channel for nine month FY24. Contribution by Banca and Alternate… | This marks a significant year- on-year growth of 106.52% in Non-Par APE. | This year we collected premium of INR 2,020 crore via this channel as against INR 1,600 crore registering growth of 26.25% over the last year. | Even on premium basis, approximately 96% of New Business Premium came from our Agency channel for FY24. Contribution by Banca Channel During the year … | This marks a significant year-on-year growth of 50.28% in Non-Par APE within the Individual Business. | For the year ended 31st March 2026, we have reported a total premium income of 5,35,984 crore rupees as compared to total premium income of 4,88,148 c… |