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
Life Insurance Corporation of India has a market capitalisation of about ₹5,12,451 crore and trades at a P/E of 8.6x and a P/B of 2.89x, with a dividend yield of 2.46%. Profit has grown faster than revenue: profit compounded at 23% TTM and 17% over 3 years, while sales grew 10% TTM and 7% over 5 years. ROE fell from a 5-year average of 52% to 38% last year, and the stock has returned -6% over 1 year and 8% CAGR over 3 years.
- The P/E of 8.6x implies trailing earnings of roughly ₹59,600 crore on a ₹5,12,451 crore market cap. That is a low earnings multiple for a company of this size.
- Return on equity has stayed high: 52% over 5 years, 46% over 3 years and 38% last year. Current P/B and P/E together imply an ROE of about 34% (2.89 / 8.6).
- Profit growth has been faster than revenue growth. Compounded profit growth is 23% TTM and 17% over 3 years, against sales growth of 10% TTM and 8% over 3 years, which points to better margins and profitability.
- The dividend yield is 2.46%. That works out to a payout ratio of only about 21% of earnings (2.46% x 8.6), which leaves room to raise payouts if the company chooses.
- The company is almost debt free, so its balance sheet is not burdened by borrowing costs, and a ₹5,12,451 crore market cap puts it among India's largest listed companies.
- Revenue growth sped up from a 7% 5-year CAGR to 10% TTM, which suggests the premium base may be growing faster.
- Implied book value is about ₹1,77,300 crore (market cap / 2.89 P/B), a large capital base for an insurer.
- Top-line growth has been weak. Sales compounded at 7.19% over 5 years and 8% over 3 years, roughly in line with nominal GDP. This suggests the company is not growing faster than the overall Indian life insurance market.
- ROE is falling steadily: 52% (5-year) to 46% (3-year) to 38% (last year). That is a drop of about 14 percentage points, which raises questions about whether returns can hold at these levels.
- The 81% 5-year profit CAGR is much higher than the 17% 3-year CAGR. This points to a low starting base and one-off effects, such as changes in how surplus is allocated, rather than steady operating growth, so the headline number may overstate the underlying trend.
- Shareholders have seen weak returns: -6% over 1 year and 8% CAGR over 3 years. Share price performance has lagged the 23% TTM profit growth.
- The tax rate appears low. If it moves back toward normal corporate levels, earnings behind the 8.6x P/E could shrink.
- The government owns most of the equity, so public float is small. The shares carry an overhang from possible future stake sales needed to meet minimum public shareholding rules, and those sales could add supply against the ₹5,12,451 crore market cap.
- A P/B of 2.89x is a premium to book value even though ROE is falling from 46% to 38%. The valuation could contract if returns keep declining.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- MD Dinesh Pant exits early Sep 25
Managing Director Dinesh Pant took voluntary retirement effective September 24, 2026, and gave up all committee roles. An unplanned top-level exit adds uncertainty over leadership continuity until a successor is named.
- Four senior officials superannuate Sep 30
Four senior management officials, including two Executive Directors, retired on reaching superannuation age effective September 30, 2026. Coming within a week of the MD's exit, this adds to near-term churn in the leadership bench.
- Broad institutional investor outreach Sep 8
LIC lined up investor conferences with Jefferies, Anand Rathi and JP Morgan on September 18, 21 and 22, 2026, in Gurgaon and Mumbai. The plan included group and one-on-one analyst meetings, a sign of active engagement with institutional investors.
- Back-to-back ~₹20 crore block trades Sep 29
About 4,99,809 shares worth ₹20.09 crore traded at ₹402.00 on BSE on Sep 28, then about 5,09,854 shares worth ₹20.24 crore traded at ₹396.95 on NSE on Sep 29. These are unconfirmed real-time signals, the counterparties are unknown, and the price was about 1.3% lower between the two trades.
- No UPSI shared at investor meets Sep 21
LIC confirmed that no unpublished price-sensitive information was shared at its September 18 and September 21, 2026 investor meets, which included group and one-on-one sessions. The corporate presentation is available on the company website.
TL;DR: LIC is actively courting institutional investors through three broker conferences in September 2026 and is following its disclosure rules. The main risk is leadership turnover: the MD left voluntarily on September 24, and four senior officials, including two EDs, retired on September 30. Two block trades of about ₹20 crore each, with the price slipping from ₹402 to ₹396.95, show steady institutional activity but no clear direction. The near-term trend depends on how quickly and convincingly LIC fills the MD and ED roles.
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–FY27.
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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