Life Insurance Corporation of India share price target

LIC delivered a strong Q4FY26 performance, with VNB margin at 25.7% (+6.9ppt YoY) beating our estimate of 20.5%; APE stood at Rs229.5bn (+21.8% YoY), higher than our estimate of Rs212.8bn.

LIC financial results for Q3FY26 were resilient, helping the company sustain its leadership position in the life insurance sector, supported by a diversified product portfolio and robust operational efficiency. The company consolidated gains in the non-par segment and prioritised improvements in new business performance, expense rationalisation and channel mix. Digital processes saw substantial growth, notably in policy completions via the Ananda app. Persistency ratios are a key focus, with interventions such as increased minimum ticket size expected to drive gradual improvement. Iran-related geopolitical tensions have triggered...

VNB margin continued to expand 186bps YoY in 3Q, leading to strong absolute VNB growth

In 3QFY26, LIC reported net premium income of INR1.3t (beat), which grew 18% YoY. Renewal premium grew 7% YoY to INR693b and single premium grew 31% YoY to INR459b. First year premium grew 46% YoY to INR106b.

LIC has been able to deliver on strong VNB growth since listing, driven by all the right initiatives such as increase in non-par mix, increase in non-agency channel mix and strengthening digital initiatives.

,Research Reports dated Nov 21, 2024 (RC- 882), June 02, 2025 (RC-953) and Aug 11, 2025 (RC906). LIC has proposed a dividend of Rs 12/- for FY25. Keeping in mind the dominant position in the life insurance industry and attractive...

LIC witnessed APE/VNB grow 3.6%/12.3% YoY in H1FY26. Strategic initiatives have tracked well consistently. LIC has been able to push product mix towards non-participating (36% of individual APE in H1FY26 vs. 9%/18%/28% in FY23/FY24/FY25); and continuously revise its pricing/product strategy to maximise shareholder value.

VNB margin expanded 147bps YoY in 2Q, leading to absolute VNB growth of 8% YoY

In 2QFY26, LIC reported net premium income of INR1.3t (in line), which grew 5% YoY. Renewal premium grew 5% YoY to INR650b and single premium grew 8% YoY to INR508b.

,Research Reports dated Nov 21, 2024 (RC- 882) and Research Report dated June 02,2025 (RC953) LIC has proposed a dividend of Rs 12/- for FY25. Keeping in mind the dominant position in the life insurance industry and attractive...

LIC saw APE/VNB grow 9.4%/20.7% YoY in Q1FY26. Strategic initiatives have tracked well consistently in terms of pushing product mix towards non-participating (30% of individual APE in Q1FY26 vs. 9%/18%/28% in FY23/FY24/FY25) and revision in pricing/product strategy should maximise value for all stakeholders with changes such as hike in surrender value, re-designing of products, higher ticket sizes.

VNB witnessed strong growth of 21% YoY and VNB margin expanded 144 bps YoY

In 1QFY26, LIC reported net premium income of INR1.2t (in line), up 5% YoY. Renewal premium grew 6% YoY to INR599b, while first-year/single premium grew 1%/4% YoY to INR75b/INR519b.

LIC's financial results were healthy, buoyed by strong VNB and AUM, and further supported by robust policy sales (selling 588,107 policies in 24 hours on January 20, 2025, a Guinness World Record). The non-par business has grown significantly, with a 50.3% YoY increase in non-par APE, and now accounts for 27.7% of individual APE. Additionally, the company has been working on improving persistency through decisions such as increasing ticket size, and changing premium and commission...

Research report date Feb 21, 2024(RC-1041) and Research Reports dated Nov 21, 2024 (RC- 882) In 2024, it touched an all-time high of Rs 1,222 on Aug 01, 2024. LIC has proposed a dividend of Rs 12/- for FY25. Keeping in mind the dominant position in the life insurance industry and...

APE and VNB growth slows, expected to normalise going ahead

LIC saw VNB/EV grow 4.5%/6.8% YoY in FY25. Strategic initiatives have tracked well consistently in terms of pushing product mix towards non-participating (28% of individual APE in FY25 vs. 18%/9% in FY24/FY23) and revision in pricing/product strategy to maximise value for all stakeholders with changes like hike in surrender value.

LIC has performed well with 9MFY25 VNB growth of 9.1% and H1FY25 EV growth of 24% YoY. Strategic initiatives have tracked well consistently in terms of pushing its product mix towards non-participating (28% of individual APE in 9MFY25 vs 18% in FY24 and 9% in FY23) and revision in pricing/product strategy to maximise value for all stakeholders with changes like hike in surrender value.

APE and net premium income declined 24% YoY and 11% YoY; renewal premium rose 4% YoY in Q3FY25