Life Insurance Corporation of India (LICI) Q4 21/22 earnings summary

Executive summary

• FY22 total premium income rose 6.10% YoY to ₹427,419.21 crore; profit after tax was ₹4,043.12 crore versus ₹2,900.57 crore.

• New-business leadership remained strong: 63.25% share of first-year premium and 74.62% share of new policies; Indian embedded value reached ₹541,492 crore.

• Strategic priorities include a broader non-participating product mix, more bancassurance, digital sales and service, and data analytics.

Financial highlights

• Total premium income was ₹427,419.21 crore, up 6.10% YoY; investment and other income increased 5.13% to ₹293,683.36 crore.

• Total income grew 5.70% to ₹721,102.57 crore; PAT rose to ₹4,043.12 crore from ₹2,900.57 crore.

• First-year premium income increased 7.92% to ₹198,759.85 crore; group new-business premium rose 12.66% to ₹143,938.59 crore.

• New policies grew 3.56% to 2.17 crore; weighted received premium increased 6.31% YoY.

• Total policyholder payments were ₹357,464.90 crore, up from ₹286,883.82 crore; payments included ₹209,068.50 crore for maturity claims and ₹36,205.64 crore for death claims.

Outlook and guidance

• Plans include increasing non-participating business, diversifying distribution, expanding bancassurance, and using digital tools, analytics and process changes to deepen customer engagement.

• Indian insurance demand was expected to benefit from rising GDP, per-capita income and awareness; the Economic Survey projected 8–8.5% GDP growth for FY23.

• Global growth, inflation and supply-chain risks remain material; Russia-Ukraine tensions, higher oil and commodity prices, tighter financial conditions and weaker external demand cloud the outlook.