LICINSENovember 13, 2025

Life Insurance Corporation Of India

9,358words

82turns

8analyst exchanges

13executives

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Management on call

R. Doraiswamy

CHIEF EXECUTIVE OFFICER AND

Sat Pal Bhanoo

MANAGING DIRECTOR – LIFE INSURANCE CORPORATION OF INDIA

Dinesh Pant

MANAGING DIRECTOR – LIFE INSURANCE CORPORATION OF INDIA

Ratnakar Patnaik

MANAGING DIRECTOR – LIFE INSURANCE CORPORATION OF INDIA

Ajay Kumar Srivastava

APPOINTED ACTUARY

Sunil Agrawal

CHIEF FINANCIAL OFFICER – LIFE INSURANCE CORPORATION OF INDIA

Govind Agarwal

EXECUTIVE DIRECTOR,

K. Seshagiridhar

EXECUTIVE DIRECTOR, PENSION

Hemant Buch

EXECUTIVE DIRECTOR MARKETING,

R. Chander

EXECUTIVE DIRECTOR, INVESTMENT

Sanjay Kumar Srivastava

EXECUTIVE DIRECTOR, INVESTMENT BACK OFFICE, INVESTMENT TEAM

Vandana Sinha

EXECUTIVE DIRECTOR, CRM,

Sanjay Bajaj

HEAD INVESTOR RELATIONS – LIFE INSURANCE CORPORATION OF INDIA

Key numbers — 40 extracted

rs,

bsites of both the exchanges, BSE and NSE. Along with me on this call, I have 3 Managing Directors, Shri Sat Pal Bhanoo, Shri Dinesh Pant and Shri Ratnakar Patnaik. Senior officials of the corporati

59.41%

025. Our market share by first year premium income for the 6 months ending 30th September 2025 is 59.41% as compared to 61.07% for the similar period ended 30th September 2024. We continue to maintain o

61.07%

by first year premium income for the 6 months ending 30th September 2025 is 59.41% as compared to 61.07% for the similar period ended 30th September 2024. We continue to maintain our leadership in both

37.21%

59.41% into segment-wise share of individual and group business, we would have a market share of 37.21% in the individual business and 72.74% in the group business for the 6 months ending September 30t

72.74%

idual and group business, we would have a market share of 37.21% in the individual business and 72.74% in the group business for the 6 months ending September 30th 2025.

39.79%

hs ending September 30th 2024, the respective market share for individual and group business were 39.79% and 74.77%, respectively. For the 6 months ended 30th September 2025, we have reported a total pr

74.77%

eptember 30th 2024, the respective market share for individual and group business were 39.79% and 74.77%, respectively. For the 6 months ended 30th September 2025, we have reported a total premium incom

Rs 2,45,680 crore

pectively. For the 6 months ended 30th September 2025, we have reported a total premium income of Rs 2,45,680 crores as compared to a total premium income of Rs 2,33,671 crores for the 6 months ended 30th Septem

Rs 2,33,671 crore

ve reported a total premium income of Rs 2,45,680 crores as compared to a total premium income of Rs 2,33,671 crores for the 6 months ended 30th September 2024, registering a growth of 5.14% on a year-on-year basi

5.14%

income of Rs 2,33,671 crores for the 6 months ended 30th September 2024, registering a growth of 5.14% on a year-on-year basis. The individual new business premium income for 6 months ended September

Rs 28,491 crore

-year basis. The individual new business premium income for 6 months ended September 30, '25, was Rs 28,491 crores. And for the corresponding period last year, it was Rs 29,538 crores, thereby registering a drop

Rs 29,538 crore

ended September 30, '25, was Rs 28,491 crores. And for the corresponding period last year, it was Rs 29,538 crores, thereby registering a drop of 3.54% on a year-on-year basis. Renewal premium income of individu

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Guidance — 20 items

Persistency

opening

“The digital innovation value enhancement project and the Jeevan Samarth initiatives are progressing as planned and are in various stages of implementation.”

Claims

opening

“Before concluding, I would like to reiterate significant highlights of our performance during the first 6 months of FY 2025-26:- Our Non Par share of Individual APE business has further grown to 36.31% for H1 FY26 as compared to 26.31% for the same period of the previous year.”

Claims

opening

“VNB has increased by 12.3% on a year-on-year basis for the first 6 months of the FY'26.”

Claims

opening

“VNB margin has shown a positive bias with a 140 basis points increase to 17.6% for H1 FY26.”

Claims

opening

“And as you can see, the overall expense ratio is down by 146 basis points to 11.28% in H1 FY26.”

Claims

opening

“We are already witnessing strong tailwinds due to these steps taken by the government and believe that the full impact will be seen in the coming quarters.”

MW Kim

“So looking ahead, should we expect the share of the ULIP to grow meaningfully from current level, similar to the private players?”

Harshal Mehta

“So if you can explain why there is such a sharp variation between both of them, that will be helpful.”

R. Doraiswamy

“And we are very confident by the end of the current financial year, we will be able to completely catch up and show a good performance on the number of policies as well.”

Prayesh Jain

“Just on the previous participant's question, your adjusted net worth from H1 FY25 to H1 FY26 has jumped while your value of in-force business has gone down.”

Risks & concerns — 9 flagged

I would like to understand the company's solvency ratio under the Risk based Capital regime.

— MW Kim

That was in LODR 0.5%, and the impact of that is within that.

— Ajay Srivastava

So that product mix, the ticket size and as you rightly mentioned about, the impact of RFR also has got a role to play in that from time to time.

— Dinesh Pant

— Ajay Srivastava

So our focus will be on increasing the top line substantially in the second half, one, to take care of the impact of the input tax credit not being there, plus also improving the profitability by focusing on improved ticket size as well as contribution from product line also.

— R Doraiswamy

But the sensitivities we are disclosing, so possibly, you can look into the sensitivity numbers on -- sensitivity impact of fall and rise in equity is being disclosed in our IEV.

— Dinesh Pant

And you will also see that this agencyship, it's quite volatile in the market because people take agency and they take time to stabilize.

— Govind Agarwal

My last question, sir, in terms of annuity, again, I understand it's a small base, but we have seen a decline.

— Mohit Mangal

So would it be fair to assume a majority of this change between 1Q to 1H on a rolling basis is actually the impact of GST not being there?

— Dipanjan Ghosh

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Q&A — 8 exchanges

Thank you so much for the opportunity and Congratulations on the strong results. I have 2 questions. So firstly, I noticed that the ULIP is becoming an increasingly important part of the new life phase. So looking ahead, should we expect the share of the ULIP to grow meaningfully from current level, similar to the private players? And another question is about the solvency capital. The company has a very strong solvency ratio of 213% as of September '25. I would like to understand the company's solvency ratio under the Risk based Capital regime. I ask because the company's liability reserve st

R. Doraiswamy

Thanks for the greetings, Kim. As you told, ULIP is slowly becoming more prominent in the entire insurance -- life insurance industry in India, and LIC has also been catching up in the sale of ULIPs. And it has recorded the highest growth among the various baskets of life insurance in the last quarter and the first half of the year. We are recording more than 100% growth on ULIPs as on date. On the solvency margin part, I would request my Appointed Actuary to give the full details. Good evening. I'm Ajay Kumar Srivastava, Appointed Actuary and ED Actuarial. Now, the question is about RBC compa

Congrats on a good set of numbers. So a couple of questions. First is on the NOP. So if you can just explain like NOP, we have seen a very sharp drop, both on a totality and as well as in terms of bank and alternate channels. So what are our steps to improve the NOP going ahead? That was first. Secondly, EV has been broadly flat on a Y-o-Y basis, but within ANW and VF, there is a lot of discrepancy in terms of growth and one is degrowth. So if you can explain why there is such a sharp variation between both of them, that will be helpful. And lastly, in terms of margins, so we have seen a very

R. Doraiswamy

First, I will take the NOP question. Actually, you remember on 1st of October 2024, the new Master Circular came into effect. And to get aligned with the Master Circular conditions, we had to completely modify almost all the products that were available on sale as on 30th September. So as a part of becoming compliant with the circular, we had to raise the minimum sum assured under the most popular products on the savings category of LIC. That resulted in a sharp fall in the number of policies sold, particularly in the ticket sizes between Rs 1 lakh and Rs 1,99,999. So that resulted in a degrow

Just on the previous participant's question, your adjusted net worth from H1 FY25 to H1 FY26 has jumped while your value of in-force business has gone down. What explains this different movement in both the elements?

Ajay Srivastava

Largely, as has already been explained, the variation is mostly coming because of that MTM contribution. If you look at the core business, as has already been explained, the contribution from the core business has already gone up. So if you look at this, adjusted net worth has gone up, but value of in-force business, that has some constituents in which other constituents, they contribute almost similarly to that, which is flat. But MTM, there is some impact, is actually slightly marginally disturbed. Actually, present value of the future profits and VF as compared to March has only improved. I

Thank you for the opportunity. Sir, my -- probably my question again is on a little similar lines. So given only 8 days of the business had a GST negative impact and second half full will be with GST negative impact. So are you confident to deliver same, at least similar VNB margin, that is 17.6%, what you have reported for the first half? Or you believe even if the volumes come, will there be some bit of berating to the margin compared to what we have delivered today. That's one thing. Maybe if you answer that question, then I have 2 other questions.

Dinesh Pant

Sanketh, you would have observed that the trend of our VNB margin has always been upward from Q1, Q2, Q3 to Q4 onwards, right? And actually, it's very heartening that not standing -- despite of all these things, because on the strength of the better product mix and all those things, we have been able to deliver VNB margin, which was actually in the Q4 of the last year. So rest assured, Corporation does everything, which it is confident about, and we are committed to create value for our shareholders as well as policyholders. So we are quite confident that this trajectory in the medium to long

Thank you for taking my question. See, most of my questions have been answered. But just again, on the GST impact, I wanted to understand, one, on the next 6 months, which is the second half of the year, what would be sort of the margin impact because of ITC not being available? We can make some assumption in terms of the product mix remaining constant. So some sense of there would be helpful, or -- so that's one. Or even in this current 17.6%, you had the GST impact for the last sort of 10 days, right? So what is the impact in the VNB margin of that also, if you could give that number? And th

Ajay Srivastava

As we have already discussed, in next 6 months, the mix and business is very difficult to guess at this stage because within that particular product as have already been informed that the ticket size, if it goes up, the margins could be different. If a particular line of business, if more business is there, then the contribution towards margin will be more or less. So standing at this stage, assessing all those because ITC is only one of the components of the entire things which actually impact the margins. So we need to actually look at the entirety how the margins are going to move going for

Thanks for the opportunity. My first question is with respect to agency channel. Sir, I was looking at your agents as on 1st April and 30th September, it is kind of very flattish. So are we becoming more aggressive with respect to agents in terms of deletion from the company?

Govind Agarwal

This is Govind Agarwal, ED, Marketing. Yes. Currently, we have 14,85,000 agents. And last year, it was 14,39,000. So there is a net increase. And you will also see that this agencyship, it's quite volatile in the market because people take agency and they take time to stabilize. So that flattishness is always there. There is no steep jump. Even if we go for heavy recruitment, then again, it will have an impact after 12 months. So -- but we are focusing on stabilizing our agents and better productivity rather than low-quality recruitment. So that is how you see there's a big growth in this numb

Hi, Good evening Sir. So just a few questions from my side. First, in terms of your balance sheet, annually, we get the breakup of your fair value change between Par and Non Par. Obviously, first half, we don't get the overall balance sheet. So if you can just break it up. If I recall correctly, your -- from your par segment, the fair value change was around RS3.9 trillion in -- as of March. So if you can just break that up. My second question is on your VNB margin walk. If I see for the first quarter on a rolling basis, you had a 1.9% positive operating assumption change. And as of first half

Dinesh Pant

Yes. As of now, as per our accounting policy, the realized portion through -- accounting through profit and loss account is only transferred to the shareholder fund. Currently, we do not have any thought process that on accounting basis, unrealized portion could be transferred or would be transferred. That's not something. We need to follow, and we'll continue to follow, the best accounting practices that be the case here because that can lead -- if unrealized portion can be considered, it can lead to -- and market is subject to volatility. So that's not the step at this point of time in any c

Thank you. First and foremost, I would like to thank for sparing your time to join the call late in the evening today. As we wrap up our discussion for the first half of FY '26, I would like to express my gratitude to each of you for your ongoing trust, partnership and involvement with LIC. Your insightful queries reflect an in-depth understanding of our business and strategy. I hope we have addressed your queries to your satisfaction. In case you would need to engage more with us, please reach out to us through our Investor Relations team. Thank you very much and good night.

Management

Speaking time

Dinesh Pant

Moderator

Sanketh Godha

R. Doraiswamy

Ajay Srivastava

R Doraiswamy

Prayesh Jain

Mohit Mangal

Dipanjan Ghosh

Madhukar Ladha

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Opening remarks

R. Doraiswamy

Thank you. Good evening, everyone. I'm Doraiswamy, Chief Executive Officer and Managing Director, LIC. I would like to welcome all of you to the half yearly results call of the financial year 2025-'26. Our results declared today have been uploaded along with the Press Release and the Investor Presentation on our website as well as the websites of both the exchanges, BSE and NSE. Along with me on this call, I have 3 Managing Directors, Shri Sat Pal Bhanoo, Shri Dinesh Pant and Shri Ratnakar Patnaik. Senior officials of the corporation present on this call are Shri Ajay Kumar Shrivastava, Appointed Actuary and Executive Director, Actuarial from the Actuarial team; Shri Sunil Agrawal, CFO from the Finance team; Shri R. Chander, Executive Director, Investment Front Office and Chief Investment Officer; Shri Sanjay Kumar Shrivastava, Executive Director, Investment Back Office from the Investment team. From the marketing team, we have Shri Govind Agarwal, Executive Director, Marketing, Produc

Persistency

On premium basis, the persistency for the 13th, 25th, 37th, 49th and 61st month up to 6 months ended 30th September 2025 stands at 75.29%, 71.37%, 67.70%, 63.70% and 63.81%, respectively, as compared to 77.62%, 72.24%, 67.24%, 66.33% and 61.46%, respectively, up to the 6 months ended 30th September 2024. On a number of policies basis, the persistency for 13th, 25th, 37th, 49th and 61st month up to the 6 months ended 30th September 2025 stands at 63.36%, 60.23%, 55.18%, 50.67% and 51.50%, respectively, as compared to 67.23%, 59.73%, 54.06%, 53.84% and 48.92%, respectively, up to the 6 months ended September 30, 2024. The performance on persistency metric has been a mixed bag with an improvement in the 37th and 61st month cohorts on premium basis and improvement in 25th, 37th and 61st month on a number of policy basis. In our digital initiative through the agent-assisted Ananda app, we have completed 8,78,470 policies through this app during 6 months ended September 30, 2025, as compared

Claims

On the individual claims front, during the 6 months ended September 30, 2025, we have processed 96,44,280 number of claims, which includes 92,34,314 maturity and survival benefit claims. On an amount basis, during the first 6 months ended September 30, 2025, the total maturity claims were Rs 1,07,587 crores, and the total death claims were Rs 12,049 crores. On a comparable basis for the first 6 months ended September 30th 2024, the maturity claims were Rs 94,531 crores and death claims were Rs 11,645 crores. Therefore, the maturity claims are higher by 13.81%, and the death claims are higher by 3.47% on a year-on-year basis. As of September 30th 2025, a total of 2.57 lakh women have been designated as Bima Sakhis, successfully selling 8.54 lakh insurance policies and garnering a new business premium income of Rs 1,096 crores in 6-month period ended September 30, 2025. Our objective is to appoint at least one Bima Sakhi in every gram panchayat, and we would like to inform that out of 2,

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Life Insurance Corporation Of India

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