Life Insurance Corporation of India (LICI) Q3 25/26 earnings summary

Executive summary

• Maintained leadership in Indian life insurance with over 57% market share by first-year premium income for nine months ended December 31, 2025, and ranked 4th largest globally.

• Total premium income grew 9.02% year-over-year to INR 371,293 crore for nine months ended December 31, 2025.

• Profit after tax rose 16.68% year-over-year to INR 33,998 crore for nine months ended December 31, 2025.

• Embedded Value increased 4.68% to INR 8,13,230 crore as of September 2025.

• Focused on digital transformation, agency transformation, and expanding non-par product share.

Financial highlights

• Individual new business premium income up 5.89% year-over-year to INR 44,941 crore.

• Group business premium income up 13.56% year-over-year to INR 135,302 crore.

• Assets under management grew 8.01% year-over-year to INR 5,916,680 crore.

• Net VNB margin improved to 18.8% from 17.1% year-over-year.

• Solvency ratio improved to 2.19 from 2.02 year-over-year.

Outlook and guidance

• Focus remains on product mix, channel mix, profitability, cost-effectiveness, and digital innovation.

• Strategy centers on digital transformation, maximizing investment yield, and regaining market share in select categories and geographies.

• Ongoing digital initiatives and product launches expected to support future growth.

• Continued focus on increasing non-par product share and strengthening omni-channel distribution.

• Financial results for the interim period are not necessarily indicative of full-year performance due to industry seasonality.