Key Quantitative Figures
Market Position
- Market share by first year premium: 56.66% for FY26 (57.05% in FY25)
- Individual business market share: 36.6% (37.46% in FY25)
- Group business market share: 70.11% (71.19% in FY25)
Premium Performance
- Total premium income: ₹5,35,984 crore, up 9.8% YoY (FY25: ₹4,88,148 crore)
- Individual new business premium: ₹67,676 crore, up 8.29% YoY (FY25: ₹62,495 crore)
- Individual renewal premium: ₹2,71,699 crore, up 5.91% YoY (FY25: ₹2,56,541 crore)
- Total individual premium: ₹3,39,375 crore, up 6.37% YoY (FY25: ₹3,19,036 crore)
- Group business premium: ₹1,96,609 crore, up 16.26% YoY (FY25: ₹1,69,112 crore)
- Group new business premium: ₹1,92,912 crore (FY25: ₹1,64,262 crore)
APE Basis Performance
- Total APE: ₹66,961 crore
- Individual APE: ₹43,335 crore (64.7% of total)
- Group APE: ₹23,626 crore (35.28% of total)
- Individual APE composition:
- Par business: ₹28,121 crore (64.89%)
- Non-par business: ₹15,214 crore (35.11%)
- Non-par APE growth: 43.78% YoY (from ₹10,581 crore in FY25)
Profitability Metrics
- Profit After Tax: ₹57,419 crore, up 19.25% YoY (FY25: ₹48,151 crore) - highest in history
- Value of New Business (VNB): ₹14,179 crore, up 41.63% YoY (FY25: ₹10,011 crore)
- VNB Margin: 21.2%, improved 360 bps (FY25: 17.6%)
- VNB contribution breakdown:
- Individual par business: 28% of VNB (42% of APE)
- Individual non-par business: 53% of VNB (22.7% of APE)
- Group business: 19% of VNB
Capital and Solvency
- Solvency Ratio: 2.35 as of March 31, 2026 (2.11 as of March 31, 2025)
- Indian Embedded Value: ₹7,89,185 crore, up 1.58% YoY (FY25: ₹7,76,876 crore)
- Assets Under Management: ₹57,29,396 crore, up 5.08% YoY (FY25: ₹54,52,297 crore)
Operational Metrics
- Number of policies sold: 1,84,41,175, up 3.7% YoY (FY25: 1,77,82,975)
- Individual agents: 14,57,045 (FY25: 14,86,851)
- Agent market share: 44.25% (FY25: 47.61%)
- Agency force sold 1,81,49,650 policies (98.42% of total)
- Agency channel contributed 91.75% of new business premium
Channel Performance
- Bancassurance & Alternate Channels premium: ₹5,076.07 crore, up 45.19% YoY (FY25: ₹3,496.10 crore)
- Bank channel: ₹3,151.33 crore, up 22.30% YoY
- Alternate channels: ₹1,924.74 crore, up 109.36% YoY
- Share of individual new business premium from B&AC: 7.51% in FY26 (5.59% in FY25)
Expense Management
- Overall expense ratio: 11.91% (FY25: 12.42%), improvement of 51 bps
Persistency Metrics
Premium Basis:
- 13th month: 74.64% (FY25: 74.84%)
- 25th month: 68.98% (FY25: 70.99%)
- 37th month: 66.94% (FY25: 66.11%)
- 49th month: 63.03% (FY25: 61.51%)
- 61st month: 59.31% (FY25: 63.12%)
Policy Basis:
- 13th month: 64.87% (FY25: 64.12%)
- 25th month: 57.65% (FY25: 59.32%)
- 37th month: 55.29% (FY25: 52.66%)
- 49th month: 49.78% (FY25: 48.79%)
- 61st month: 46.88% (FY25: 50.31%)
Digital Initiatives
- ANANDA app policies: 23,00,983, up 56.08% YoY (FY25: 14,74,208)
- Active agents on ANANDA: 29.56% growth YoY
- Launched MyLIC customer app and LIC Super Sales Saathi app for distributors on April 15, 2026
Claims Processing
- Total individual claims processed: 2,49,56,342
- Maturity/survival claims: 2,41,25,943
- Maturity claims amount: ₹2,79,951 crore, up 17.97% YoY (FY25: ₹2,37,313 crore)
- Death claims amount: ₹24,885 crore, up 1.91% YoY (FY25: ₹24,420 crore)
Bima Sakhi Initiative
- Bima Sakhis appointed: 3,45,000 women
- Policies sold: 21.94 lakh
- New business premium: ₹2,848 crore
- Gram Panchayat coverage: 59% (1,43,924 out of 2,44,876 Panchayats)
Dividend Declaration
- Board recommended final dividend: ₹10 per equity share of ₹10 each
- Equivalent to ₹20 per share pre-bonus issue basis
- Subject to shareholder approval at 5th Annual General Meeting
Product Portfolio
- Total products available: 58 (excluding PMJJBY)
- Individual products: 36
- Group products: 13
- Common products: 1
- Riders: 7 individual, 1 group
- Post-March 2026: Withdrawn LIC's Nav Jeevan Shree Single Premium product
Key Highlights from Management Commentary
- Non-par share of individual APE business consistently at ~35% over last three results
- Achieved directional changes in product mix, channel mix and margins
- Focus on increasing ticket size and improving persistency for future margin expansion
- Preparing for transition to risk-based capital framework and IFRS accounting
- April 2027 performance described as "good" and "better than previous financial year"
Q&A Session Highlights
VNB Margin Drivers:
- Business mix change contributed +3.0%
- Risk Free Rate (RFR) contributed +3.4%
- Operating assumptions (persistency, expense, GST) contributed -2.8%
Embedded Value Walk:
- Starting IEV (Mar 2025): ₹7,76,876 crore
- Unwind: ₹74,748 crore
- Operating assumption changes: -₹1,663 crore
- Operating experience variance: +₹92,639 crore
- Economic assumption changes & investment variance:
- Equity MTM fall: -₹53,698 crore
- Debt MTM fall: -₹46,853 crore
- Ending IEV (Mar 2026): ₹7,89,185 crore
Accounting Policy Change:
- Changed accounting of debt investments to amortization of discount from capital gains
- Gross impact: ₹11,000 crore (₹9,000 crore in participating business, no PAT impact)
Future Outlook:
- Cautious dividend policy due to expected risk-based capital regulations
- Focus on consolidating non-par gains while maintaining growth across all product categories
- Targeting insurance for all by 2047 with balanced approach to margin and penetration