LIC of India
LIC of India
Insurance F&OKey Fundamentals
LargecapLife InsuranceInsuranceTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 45.6%
Weaknesses
2- The company has delivered a poor sales growth of 7.19% over past five years.
- Tax rate seems low
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoLife Insurance Corporation of India commands a market cap of approximately ₹5.07 lakh crore with a PE ratio of 8.6x, which is low relative to many listed insurers. The company has delivered strong profit growth of 23% TTM and maintains a 3-year ROE of around 46%, but top-line growth has been modest at 7% CAGR over five years and the stock has declined 8% over the past year.
- PE ratio of 8.6x is significantly below the industry average for listed life insurers, suggesting the stock is priced at a discount on an earnings basis
- Compounded profit growth of 23% TTM and 17% over 3 years indicates accelerating earnings momentum
- 3-year ROE of approximately 46% and 5-year ROE of 52% reflect exceptionally high returns on equity capital
- The company is virtually debt-free, which is a rare strength providing balance sheet resilience in a macro-stress scenario
- Dividend yield of 2.47% offers meaningful income return relative to most large-cap Indian equities
- Market cap of ₹5.07 lakh crore makes LIC the dominant life insurer by size, giving it unmatched brand trust, distribution reach, and scale advantages across India
- TTM revenue growth of 10% shows an improvement over the 5-year sales CAGR of 7%, suggesting some top-line re-acceleration
- Price-to-book ratio of 2.89x is modest for a franchise of LIC's scale and embedded value, especially given the high ROE profile
- 5-year compounded sales growth of just 7.19% lags private sector peers and raises concerns about market share erosion in a fast-growing insurance market
- Stock has delivered a negative 1-year return of -8%, underperforming broader indices and reflecting weak near-term sentiment
- Last year ROE declined to 38% from a 3-year average of 46%, indicating potential pressure on profitability metrics
- Effective tax rate appears low, which could mean future normalization of taxes would compress reported earnings
- 52-week high and low data are unavailable, but the -8% one-year stock CAGR suggests the stock has been range-bound to negative, limiting capital appreciation
- 5-year compounded profit CAGR of 81% is skewed by a low base around the listing period, making the headline growth number potentially misleading for forward projections
- As a government-controlled entity with a 96.5% promoter holding post-IPO, LIC faces overhang risk from potential government stake sales to meet disinvestment targets
- Intense competition from private insurers growing at faster rates could continue to compress LIC's new business market share, pressuring the modest 7-10% revenue growth trajectory
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Two new insurance products launched Aug 31
LIC launched Bima Platinum (savings) and Jeevan Raksha (pure risk), both non-participating non-linked policies, with sales commencing September 7, 2026.
- ₹5,000 crore Bajaj Finance NCD buy Aug 27
LIC subscribed to ₹5,000 crore worth of non-convertible debentures issued by Bajaj Finance, deploying capital into a high-quality NBFC for long-term yield.
- Triple investor conference lineup Sep 8
LIC will present at Jefferies, Anand Rathi, and JP Morgan investor conferences on September 18, 21, and 22 in Gurgaon and Mumbai, signaling active investor engagement.
- Government retains 90% stake post-OFS Aug 19
LIC disclosed shareholding for the quarter ending August 7, 2026, with the government holding 90% and public holding at 10%.
- Executive Director Kuppili retires Aug 31
Executive Director Sesha Giridhar Kuppili superannuated effective August 31, 2026, as disclosed under SEBI Listing Regulations.
- No UPSI at investor meet Aug 17
LIC confirmed no unpublished price-sensitive information was shared during its August 17, 2026 investor meeting, a routine compliance disclosure.
TL;DR: LIC is showing proactive momentum with two new product launches and active participation across three major investor conferences, suggesting management focus on growth and market engagement. The ₹5,000 crore NCD investment in Bajaj Finance reflects steady capital deployment. No material headwinds surfaced this period, though the government's dominant 90% stake limits free float. The near-term outlook is stable with a mild positive tilt as new products begin selling from September 7.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,90,163 | 2,03,033 | 2,14,054 | 2,38,717 | 2,11,952 | 2,31,132 | 2,03,751 | 2,43,134 | 2,24,671 | 2,41,524 | 2,35,954 | 2,76,744 | 2,39,866 |
| Expenses | 1,80,169 | 1,94,558 | 2,04,815 | 2,37,152 | 2,02,180 | 2,24,544 | 1,91,818 | 2,21,621 | 2,14,198 | 2,32,032 | 2,23,588 | 2,65,521 | 2,25,854 |
| Operating Profit | 9,994 | 8,475 | 9,239 | 1,564 | 9,773 | 6,588 | 11,934 | 21,514 | 10,474 | 9,492 | 12,366 | 11,222 | 14,012 |
| OPM % | 5% | 4.2% | 4.3% | 0.7% | 4.6% | 2.9% | 6% | 9% | 4.7% | 3.9% | 5% | 4.1% | 6% |
| Other Income | 117 | 288 | 206 | 14,249 | 1,001 | 794 | 818 | 954 | 780 | 1,044 | 822 | 3,166 | 1,301 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 10,111 | 8,763 | 9,445 | 15,813 | 10,774 | 7,382 | 12,752 | 22,468 | 11,253 | 10,537 | 13,188 | 14,388 | 15,312 |
| Tax % | 14% | 13% | 15% | 12% | 15% | 16% | 14% | 15% | 15% | 14% | 15% | -63% | 11% |
| Net Profit | 9,634 | 8,032 | 9,434 | 13,842 | 10,527 | 7,723 | 11,009 | 19,039 | 10,955 | 10,096 | 12,908 | 23,467 | 13,584 |
| EPS in Rs | 7.62 | 6.35 | 7.49 | 10.94 | 8.34 | 6.11 | 8.7 | 15.05 | 8.66 | 7.98 | 10.22 | 18.55 | 10.74 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,71,508 | 6,28,043 | 6,90,914 | 7,23,606 | 7,84,628 | 8,45,966 | 8,89,970 | 9,77,772 | 9,94,088 |
| Expenses | 5,65,587 | 6,34,989 | 6,91,166 | 7,20,280 | 7,50,498 | 8,13,316 | 8,36,692 | 9,29,011 | 9,46,996 |
| Operating Profit | 5,920 | -6,947 | -252 | 3,326 | 34,130 | 32,651 | 53,278 | 48,761 | 47,092 |
| OPM % | 1% | -1.1% | 0% | 0.5% | 4.3% | 3.9% | 6% | 5% | 4.7% |
| Other Income | 2,615 | 20,870 | 12,820 | 9,248 | 7,800 | 14,829 | 3,495 | 5,421 | 6,333 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 336 | 379 | 417 | 436 | 466 | 466 | 506 | 707 | 0 |
| PBT | 8,199 | 13,544 | 12,151 | 12,138 | 41,463 | 47,014 | 56,267 | 53,475 | 53,425 |
| Tax % | 68% | 80% | 76% | 66% | 13% | 13% | 14% | -7% | — |
| Net Profit | 2,627 | 2,710 | 2,974 | 4,125 | 35,997 | 40,916 | 48,320 | 57,453 | 60,055 |
| EPS in Rs | — | — | — | 3.26 | 28.46 | 32.34 | 38.2 | 45.42 | 47.49 |
| Div. Payout % | 2% | 2% | 0% | 23% | 5% | 15% | 16% | 11% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 100 | 100 | 100 | 6,325 | 6,325 | 6,325 | 6,325 | 6,325 |
| Reserves | 710 | 902 | 6,784 | 5,012 | 39,908 | 76,422 | 1,20,901 | 1,70,280 |
| Borrowings | 2,69,401 | 2,53,414 | 4 | 1 | 0 | 0 | 0 | 0 |
| Other Liabilities | 31,57,039 | 32,45,419 | 38,22,637 | 42,42,719 | 45,32,258 | 52,33,300 | 55,33,342 | 57,71,951 |
| Total Liabilities | 34,27,249 | 34,99,834 | 38,29,524 | 42,54,058 | 45,78,491 | 53,16,047 | 56,60,568 | 59,48,556 |
| Fixed Assets | 25,194 | 28,216 | 17,723 | 17,770 | 20,473 | 20,667 | 21,330 | 28,335 |
| CWIP | 710 | 734 | 148 | 199 | 331 | 403 | 326 | 419 |
| Investments | 29,00,287 | 29,76,100 | 35,17,445 | 39,26,211 | 42,43,008 | 49,76,133 | 52,98,429 | 55,56,359 |
| Other Assets | 5,01,059 | 4,94,784 | 2,94,208 | 3,09,878 | 3,14,678 | 3,18,844 | 3,40,483 | 3,63,444 |
| Total Assets | 34,27,249 | 34,99,834 | 38,29,524 | 42,54,058 | 45,78,491 | 53,16,047 | 56,60,568 | 59,48,556 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | 13,274 | 54,367 | 80,602 | -3,783 | 54,519 | 26,548 | -9,721 | -26,211 |
| Investing | 9,636 | -40,415 | 1,48,447 | 12,531 | -52,848 | -25,695 | 41,408 | 36,693 |
| Financing | -13,700 | -18,664 | -2,56,125 | 0 | -949 | -4,427 | -3,794 | -7,626 |
| Net Cash Flow | 9,210 | -4,712 | -27,077 | 8,748 | 722 | -3,574 | 27,893 | 2,856 |
| Free Cash Flow | 11,281 | 53,447 | 86,765 | -3,879 | 53,976 | 25,835 | -10,435 | -27,181 |
| CFO/OP | 500 | -908 | -27,549 | 108 | 143 | 64 | -19 | -42 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | 78 | 63 | 35 | 42 | 43 | 39 | 38 | 45 |
| ROCE % | — | 5% | 9% | 131% | 143% | 73% | 53% | 35% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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45 extracted metrics + investor summaries across FY19–FY26.
Documents
Frequently Asked Questions about LIC of India
What does Life Insurance Corporation of India do?
Where is Life Insurance Corporation of India (LICI) listed?
Which sector does Life Insurance Corporation of India belong to?
What is the market capitalisation of Life Insurance Corporation of India?
What is the PE ratio of Life Insurance Corporation of India?
What is the 52-week high and low of Life Insurance Corporation of India?
Does Life Insurance Corporation of India pay dividends?
What is the Return on Equity (ROE) of Life Insurance Corporation of India?
Company Information
Life Insurance Corporation (LIC) is the largest insurance provider company in India. It has a market share of above 66.2% in new business premium. The company offers participating insurance products and non-participating products like unit-linked insurance products, saving insurance products, term insurance products, health insurance, and annuity & pension products.[1]
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