Slides
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Investor Presentation Q1FY267th August 2025
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AGENDA INTRODUCTION TO LIC1234 567BUSINESS AND FINANCIAL UPDATESACTUARIAL UPDATESMARKETING AND DISTRIBUTION STRENGTHS ACHIEVING OPERATIONAL EFFICIENCIESKEY FOCUS AREASAPPENDIX
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INTRODUCTION TO LIC1
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Largest life insurer in India – Market leader Source: 1As per moneycontrol.com as on 26.05.2025; ²Brand Finance Global 500 2025 Report. ³According to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence. ⁴ Brand Finance India 100 2025 report. ⁵ Brand Finance Report Global 500 2024.⁶ On 20.01.2025 sold 5,88,107 life insurance policies across India. 4thlargest Insurer in the world.³ 4thMost Valuable Indian Brand⁴4 World’s 3rdStrongest Insurance Brand² 12thposition globally in brand value among Insurance Cos.⁵ 2ndLargest public sector company in India by Market Capitalisation.1 Achieved GUINNESS WORLD RECORDS Title for the "MOST LIFE INSURANCE POLICIES SOLD IN 24 HOURS”⁶
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Source: Corporation data as on 30thJune, 2025, ¹excluding government run schemes such as 1. Pradhan Mantri Jan Dhan Yojana, 2. Aam Aadmi Bima Yojana, 3. Pradhan Mantri Shram Yogi Maan-dhan Yojana 4. Pradhan Mantri Kisan Maan-dhan Yojana, 5. Pradhan Mantri Laghu Vyapari Maan-dhan Yojana. 6. PMVVY 7. Pradhan Mantri Jeevan Jyoti Bima Yojana. Comprehensive Product Portfolio(as at quarter ended June 30th2025)Cross cyclical and comprehensive life insurance solutions 5As of 30th June 2025 Corporation’s product portfolio comprised of 51 offerings, which include 33 individual products, 12group products, 5 individual riders and 1 group rider. •Group products (incl. one credit life)¹ •Non Participating Products (Including four Annuity Products) •Participating products1221612•RidersOn 4thJuly 2025, the Corporation has introduced two additional products - LIC’s Nav Jeevan Shree and LIC’s Nav Jeevan Shree Single Premium.
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Source: Corporation data, Product list indicative and not exhaustive. Our products designed to suit customer life cycleParticipating ProductsNon-participating Products 6
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BUSINESS AND FINANCIAL UPDATES2
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Business performance parametersTotal Premium IncomeAmount INR CroreQ1FY26 INR 1,19,200 CrQ1FY25 INR 1,13,770CrIndividual New Business PremiumRenewal Premium (Individual) Q1FY26 INR 58,938 CrQ1FY25 INR 55,300 CrTotal Group Business PremiumQ1FY26 INR 47,726 CrQ1FY25 INR 46,578Cr 8Market Share in Premium¹Q1FY26 63.51%Q1FY25 64.02%Market Share in Policies¹Q1FY26 63.07%Q1FY2566.54%Q1FY26 INR 12,536 CrQ1FY25 INR 11,892 Cr+ 4.77%+5.42%+6.58%- 0.51% (Absolute)+2.46%- 3.47%(Absolute)Source Corporation Data ¹As per Life Insurance Council data. Figures may not add up to total due to rounding off.
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Business performance parametersQ1FY26 5,877Cr Q1FY25 5,467Cr Total Number of Death Claims (Individual)Q1FY26 INR 6,824 CrQ1FY25 INR 6871CrWeighted Received PremiumQ1FY26 1,98,053Q1FY25 1,86,6679Total Death Claim Paid Total Individual New Business Sum AssuredQ1FY26 INR 1,04,534CrQ1FY25 INR 1,06,649CrTotal Maturity Claim Paid Q1FY26 50,584Cr Q1FY25 41,954Cr Total Number of Maturity Claims (Individual) Q1FY26 39,70,156Q1FY25 38,68,253-0.68%+6.10 %+2.63%+7.50%-1.98% Source Corporation Data.. Figures may not add up to total due to rounding off.+20.57% Amount INR Crore
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Financial performance parametersNumber of Policies sold (Individual) Number of Policies sold by Bancassurance & Alternate Channel²Claim Settlement Ratio Death¹Q1FY26 30,39,709 Q1FY25 35,65,519Q1FY26 38,462Q1FY25 94,052Q1FY26 94.59%Q1FY25 96.32% 10 Profit After TaxQ1FY26 INR 10,986 CrQ1FY25 INR 10,461CrSolvencyQ1FY26 2.17Q1FY25 1.99 Assets Under ManagementQ1FY26 INR 57,05,341 CrQ1FY25 INR 53,58,781Cr+6.47%-59.11%Source Corporation Data. Figures may not add up to total due to rounding off. ¹Inclusive of unclaimed amounts of last ten years brought back to outstanding during previous year as per IRDAI Regulations.²Including Micro Insurance -1.73%(Absolute)-14.75%+ 0.18 (Absolute)Amount INR Crore+5.02%
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Performance ratiosYield on Investment (Policyholders Fund)²Q1FY26 8.45%Q1FY25 8.54%Conservation RatioTotal Gross NPA Ratio¹Q1FY26 1.42%Q1FY25 1.95%Commission RatioQ1FY26 93.72%Q1FY25 93.35%Q1FY26 4.15%Q1FY25 4.47%11Overall Expense RatioQ1FY26 10.47 %Q1FY25 11.87%Yield on Investment (Shareholders Fund)²Q1FY26 6.14%Q1FY25 6.30% Source Corporation Data Figures may not add up to total due to rounding off. ¹for policyholders fund ²Without unrealized gains.-1.4% (Absolute)-0.09%(Absolute)-0.53%(Absolute)- 0.32% (Absolute)-0.16% (Absolute)+0.37%(Absolute)
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ACTUARIAL UPDATES 3
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Embedded Value (INR Crore) 13Source: Corporation data, . Indian Embedded Value (IEV) Sep-21 Mar-22 Mar-23 Mar-24 Mar-25IEV5,39,686 5,41,492 5,82,243 7,27,344 7,76,876 CAGR 12.8%The IEV hasincreased byINR 49,532Crore fromMarch 2024 toMarch 2025,highlighting agrowth of 6.81%.
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Source: Corporation Data, Figures may not add up to total due to rounding off. 14 INR in Crore
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Line of Business Q1FY25 Q1FY26Year on Year GrowthA Individual Par5,132 4,919(4.15)%B Individual Non Par1,615 2,14232.63%1 Individual Saving788 8123.05%2 Protection38 392.63%3 Annuity359 3641.39%4 ULIP431 927115.08%C Total Individual (A+B)6,747 7,0614.65%D Group4,813 5,59016.14%E Total APE (C+D) 11,560 12,6529.45%F Net VNB1,610 1,944 20.75%G Net VNB Margin(F/E)13.9% 15.4% 1.5%(Abs)15Source Corporation data; Figures may not add up to total due to rounding off. Annualized Premium Equivalent (APE)/VNB/VNB MarginAmount INR Crore
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Rising share of Non-Par in Individual APE1 30.34%69.66%Non-ParPar16 Focus on Increasing Share of Non-Par Products Source: Corporation data; 1. Within India Business Breakup of Individual APE (Q1FY25) Breakup of Individual APE (Q1FY26) 23.94%76.06%Non-ParPar
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Source: Corporation Data. Figures may not add up to total due to rounding off. VNB Walk Q1FY25 to Q1FY26 17
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67.81%59.24%54.73%54.08%49.39%64.35%60.15%54.23%50.79%51.12%13th Month 25th Month 37th Month 49th Month 61st MonthQ1FY25Q1FY2618 On Number of Policies BasisOn Premium BasisSource Corporation data as per IRDAI guidelines78.23%72.16%67.53%66.97%61.62%75.63%71.53%67.17%63.45%63.85%13th Month 25th Month 37th Month 49th Month 61st Month1QFY251QFY26 Improvement in Persistency RatiosPersistency ratio by # policiesPersistency ratio by #premium
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MARKETING AND DISTRIBUTION STRENGTHS4
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20Source: Corporation data and life council data as on 30.06.2025; Robust agency forceHigher Vintage:51.56% > 5 YearsLargest agency force10.70 12.81 14.80 16.36 16.68 12.09 13.47 14.15 14.87 14.86 FY20 FY23 FY24 FY25 Q1FY26OthersLIC# Agents in lacs LIC has dominant agency force – 47.11% of life insurance Industry.
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Exclusive agency network well trained leading to highest productivityMix of agents by age group 48.44%51.56%Up to 5 Years > 5 YearsMix of agents by tenureLoyal agency network with a mix of youth and experienced professionals Source: Corporation data as on 30.06.2025 Figures may not add up due to rounding.21 18-30 yrs9% 31-35 yrs10% 36-40 yrs12% 41-50 yrs28% 51-60 yrs26% Above 60 yrs15%
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Agents’ training5 47.11% Market share by number of agents 678 Agents fulfilling the MDRT criteria¹ 80% 79.49 % Agents recruited within the 18-40 years age group Producing significant number of MDRTs through recruitment of millennial generation & massive trainingSource: Corporation data as on 30.06.2025, ¹The data pertain to the period from 01.01.2025 to 30.06.2025.22 Total number of training infrastructure -732Training in Sales Training Centers and Zonal Training Centers – 73,087 Imparted training to newly recruited Agents – 27,103Total 1,00,190 agents trained in Q1FY26
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Source : Corporation data. Bima Sakhi Yojana – Women EmpowermentLIC‘s Bima Sakhi Yojana launched by Hon’ble Prime Minister on 9thDec 2024. LIC’s Bima Sakhi Yojana is a Mahila Career Agent (MCA)Scheme with following features•Aim to provide employment opportunities to 2 lakhwomen•Stipendiary scheme for three years•Stipendiary scheme based on achievement of specifiednormsKey Statistics Up to 30.06.2025Total Number of MCAs Appointed (in lakh)1.99Total Number of Policies Sold (in lakh)3.26Total NBP Procured (INR in crore) 429.13Performance Highlights of Bima Sakhi 60.05% of policies and 56.84% of premium procured by BimaSakhis from Rural areas23
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CO Office8 Zonal Office113 Divisional Office¹2,130 Branch Office²Satellite Offices 1,584 Total Agents 14.86 lacs 8 Zonal Training Centers 35 Sales Training Centers 113 Divisional Training Centers 576 Agent Training Centers2.44% Employees 3.09% Employees13.95% Employees 80.52% Employees 1 lac Agents trained in Q1FY2694.47% of total employees are deployed at Divisional and Branch Office to look after operational activities Organizational StructureAgents Training Infrastructure 24Source: Corporation data as on 30.06.2025; Note Figures may not add up due to rounding.1. Total Divisional Offices includes one SSS Division. 2 Total Branch Offices includes 78 P&GS units and 4 SSS units. Feet on Street – LIC’s Core Distribution Strength
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Differentiated business model with deep competitive moatsGeographic Distribution of Individual Agents (%) Pan India presence of Agents which shows our feet on street Source Corporation data25FY23 FY24 FY25 Q1FY26Rural48.22% 49.06% 51.02% 51.72%Urban51.78% 50.94% 48.98% 48.28%
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Massive Distribution Network spread across India capable of delivering multi-fold growth Snapshot of LIC’s vast distribution capabilities14.86¹ lacsAgents exclusive to LIC36States & UTsCovering 89% districts vs 79% combined for sector (ex-LIC)426Source: Corporation data as on 30.06.2025; Note 1. Including 39,564 Premium Points; 2. Including banks; 3. Out of 14.86 lac agents; 4. As of March 31, 2024 as per the IRDAI Annual Report 2023-2024. ⁵ Including four SSS units(not included P&GS units). Enhancing focus on building Omni-channel distribution network1772Corporate Agents295Brokers165Insurance Marketing Firms39,564³ Premium points +2,700 MICRO Insurance Premium Points18,463Total Micro-insurance agents3,636Branch and satellite offices⁵94Bancassurance partnerships13%Single state concentration geographically diversified
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27 Enhancing focus on building Omni-channel distribution networkSnapshot of vast distribution capabilities of LIC Distribution mix by Individual NBP (%)435862Q1FY25 Q1FY26+98.23%Individual NBP sourced in India via the Bancassurance and Alt channels (INR Crore)¹ Source: Corporation Data. Figures may not add up to total due to rounding off ¹Including Micro Insurance New Business Premium Income. During Q1FY26 Banks collected New Business Premium of Rs. 528.97 Crore as against Rs. 307.73 Crore for the same period of previous year. ²Alternate channel includes Micro Insurance.The agency channel is considered the bedrock of distribution for most life insurers globally92.33%7.67%Q1FY 26AgencyOthersParticulars OthersBanks 2.59%Alternates² 1.07%Digital Marketing 0.56%Total 4.22%Particulars OthersBanks 4.23%Alternates 2.66%Digital Marketing 0.78%Total 7.67%95.78%4.22%Q1FY 25AgencyOthers
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Breakup of Individual New Business 56.74%43.26%Non- ParParParticularsNon Par NBP shareTerm 0.24%Health Insurance 0.00%Annuity/Pension 27.43%Other Non Par 6.93%Unit Linked 22.14%Total 56.74% 14.73%85.27%Non- ParParParticularsNon Par NB share (# policy) Term 0.27%Health Insurance 0.00%Annuity/Pension 1.21%Other Non Par 4.19%Unit Linked 9.06%Total 14.73%28 Focus on Increasing Share of Non-Par Products Source: Corporation data; Figures may not add up to total due to rounding off. Breakup by premium (Q1FY26)Breakup by no. of policies (Q1FY26)
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Group Business Segment76.59%76.54%Q1FY25 Q1FY26 Market Share ( by premium)Q1FY25Q1FY26Source: Corporation data. 29 Amount INR Crore 45,570 46,907 Q1FY25 Q1FY26New Business PremiumQ1FY25Q1FY26
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ACHIEVING OPERATIONAL EFFICIENCIES5
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Deeply entrenched into Bharat Offices cover 89% of districts in India, as compared to 79% for the combined private sector1Presence in 36 States and UTsBiharJharkhandChhattisgarhMaharashtraMadhya PradeshGujaratRajasthanPunjabHaryanaUttar PradeshDelhiUttarakhandAndhra PradeshGoaArunachal PradeshNagalandTripuraAssamManipurMeghalayaSikkimWestBengalMizoramOdishaTelanganaKarnatakaTamil NaduKeralaHimachal PradeshJammu &Kashmir; LadakhAndaman & NicobarChandigarhDaman & DiuDadra & NagarhaveliPuducherryLakshadweepMaharashtra13.14%West Bengal9.02%Uttar Pradesh11.04%Gujarat6.55%Tamil Nadu6.77%Karnataka6.40%Rajasthan5.12%Andhra Pradesh4.33%Bihar4.06%Kerala4.52%Odisha3.22%Telangana4.00%Others21.83%Q1FY26Extensive domestic distribution network…Breakup of our Business State wise² Source Corporation data as on 30.06.2025. Figures may not add up to total due to rounding off. ¹Data as of March 31, 2024 as per the IRDAI Annual Report 2023-2024. ² Data represents new business premium in India; 31
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44%44%43%43%42%30%30%28%27%23%Karnataka Kerala Mizoram Sikkim Meghalaya Gujarat Uttar Pradesh J&K Haryana LadakhTop 5 and bottom 5 states/UTsIn 15 States/UTs, the share in number of policies bought by women to the total policies sold was higher than the all-India average of 34.2%² Out of the total 8.72 lakh women agents, the share of LIC is 41.15%³ Rising Share of women in policies sold¹ 32Source Corporation data; Note 1. Data represents new business premium in India; ²As per IRDAI Annual Report 2022-2023; ³As per IRDAI Annual Report 2023-2024. Share of women in policies issued
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Ananda APP – launched during COVID to enable Agents to do business without meeting customers face to faceSolutions designed to enhance operational efficiency and respond with speed to specific situations Technological innovations at LIC Source Corporation data. 33 Digital App for Agents to process NewBusiness digitallyKey stats (in ‘000) Q1FY25 Q1FY26Total policies completed under ANANDA250 348Number of agents activated in ANANDA119 139Share of ANANDA Policies7.20% 11.60%Designed for Ease of on-boarding of Customers by Agency force. Integrated with WhatsApp
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Application to facilitate submission of Digital existence certificate for individual pension plan and staff pensioners of LIC1. Policy Status2. First Unpaid Premium date3. Last paid premium date4. Download forms5. Product information etc.LIC docQ Application helps user to submit documents online 34 Strengthening Digital Process – Empowering PolicyholdersAI Chat Bot Source Corporation data
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Empowering policyholders and agents in a digital world Source Corporation data 35
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Loan payment and repaymentChange of Nomination & AssignmentPAN1data registrationAadhaar based change of addressChange of ModeUnit Linked fund switche-NACH2 Online service requests 36Source Corporation data; Note 1: Permanent Account Number; 2. National Automated Clearing House; 3. National Electronic Fund Transfer Strengthening Digital Process – Customer Service NEFT3registration12348765POLICY RELATED PAYMENT RELATED
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169195216241240244FY21 FY22 FY23 FY24 FY25 Q1FY2645.457.561.2372.9183.9585.04FY21 FY22 FY23 FY24 FY25 Q1FY2622 and WhatsApp services started in Dec-22 and 2.22 crore customers opted/enabled until June-25Services offered Streamlined customer servicesAutomated messagesEase of interactionVerified conversation 37SourceCorporation data; Note 1. App Rating as on 30th June, 2025 Strengthening Digital Process – Customer ServiceUptrend in LIC customer APP usersRising website registered customersApp rating 4.63/ 5.01(# users in lakh) No. of Customers (# in lakh)
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28.53%24.60%23.00%13.09%9.23%1.09%0.47%30.41%23.18%21.01%15.69%8.70%0.97%0.03%NACH & Direct Debit Merchant Cash counter Other Apps LIC Portal/APP Banks & Franchises Bill PayQ1FY25Q1FY26 Increasing digital collection across channels (percentage to total transaction) 38Source Corporation data. Figures may not add up to total due to rounding off. Strengthening Digital Process – Driving Operational EfficiencyOther App includes: Amazon Pay ,Bajaj Finserv, CRED, Free Charge, GPay , InstaPay, JustDial, Mobikwik, PhonePe and Paytm.
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Settled total death claims of Rs. 5,877 crore in Q1FY26 as against Rs. 5,467crore in Q1FY25.Claim settlement ratio (Death) in Q1FY26 is 94.59% by number as against 96.32% in Q1FY25.The number of policyholders complaints per 10,000 policies sold in Q1FY26 is 46.86.Repudiated claim ratio for Q1FY26 is 1.2%¹.More than 11.95 lacs queries resolved through call center/IVRS in Q1FY26. Customer care – at our core philosophy Trust of customers gained by consistently high delivery standard.Source Corporation data. ¹ repudiation claim in number. 39
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KEY FOCUS AREAS6
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Strategy – Key Focus Areas I. Consolidate gain achieved in enhancing share of Non Par products within individual business.#2I. Consolidate the distribution gains achieved via Bancassurance and Alternate Channels.#3I. Focus on Agency transformation project.#4I. Developed strategy to regain/ enhance market share in certain categories and geographies.#5I. Focus on investment yield maximization while balancing risk.#6 41 I. Focus on digital transformation.#1 I. Human Resource strategy to effectively align with new skills and emerging market demands.#7
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APPENDIX7
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Experienced Board of Directors43 Highly Experienced Management, Distinguished Board and Strong Corporate Governance frameworkShri R DoraiswamyChief Executive Officer & Managing DirectorDr. Parshant Kumar GoyalGovernment Nominee DirectorShri Ratnakar PatnaikManaging DirectorShri Dinesh PantManaging DirectorDr. Ranjan SharmaIndependent DirectorShri Vinod Kumar VermaIndependent DirectorShri Anil KumarIndependent DirectorSmt. Anjuly Chib DuggalIndependent DirectorShri Gurumoorthy MahalingamIndependent DirectorShri Raj KamalIndependent DirectorShri Vankipuram Srinivasa ParthasarathyIndependent DirectorShri Vijay Kumar Muthu Raju Paravasa RajuIndependent Director Shri Sat Pal BhanooManaging Director Eminent board of directors and management team, with extensive experience in the life insurance industry,leading to a strong governance framework.Source Corporation data. Note: Shri R Doraiswamy has taken charge as CEO & MD of the Corporation on July 14, 2025.
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Financials - Standalone Balance Sheet 44 For the Year ended For the three months endedParticulars March 31st2024 March 31st2025 June 30th2024 June 30th2025Sources of fundsShareholders' funds:Share capital6,325.00 6,325.00 6,325.006,325.00 Reserves and surplus75,740.08 1,20,095.76 86,201.131,31,082.27 Credit/(debit) fair value change account(126.92) (233.02) 36.08916.63 Sub-total81,938.16 1,26,187.74 92,562.211,38,323.90 Borrowings0.00 0.00 0.000.00Policyholders' funds50,88,007.40 53,83,130.85 53,00,651.6355,85,603.03 Funds for discontinued policies407.86 804.80 498.15982.60Insurance reserves15,594.06 15,669.68 15,684.4815,955.56 Provision for linked liabilities34,876.09 47,533.11 38,207.8652,766.00 Sub-total51,38,885.41 54,47,138.42 53,55,042.1356,55,307.19 Funds for future appropriations1,214.71 1,828.40 1,322.231972.62Total52,22,038.27 55,75,154.56 54,48,926.5657,95,603.71 InvestmentsShareholders'63,743.97 1,04,025.81 70,286.131,23,558.50 Policyholders'48,76,512.40 51,36,278.80 50,79,688.7053,54,407.93 Assets held to cover linked liabilities35,257.82 48,311.99 38,680.0453,722.73 Loans1,20,258.28 1,27,479.89 1,22,288.221,29,228.43 Fixed assets4,056.97 4,461.16 4,094.834,398.49 (a) Current assets1,85,703.30 2,03,286.59 1,91,936.271,79,748.81 (b) Current liabilities 63,494.46 48,689.69 58,047.6249,461.18 Net current assets(a-b)1,22,208.84 1,54,596.90 1,33,888.641,30,287.63 Total52,22,038.27 55,75,154.56 54,48,926.5657,95,603.71 (INR In Crore) Source Corporation data. Figures may not add up due to rounding. For detailed information on financials, please refer standalone Financial Results for quarter ended June 30th , 2025 and accompanying Notes which are uploaded on the Stock exchanges and the Corporation’s websites
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Financials - Standalone Statement of Revenue (Policyholders’ Account) 45 (INR In Crore)For the Year ended For the three months endedParticulars March 31st2024 March 31st2025 June 30th2024 June 30th2025Premiums earned - net(a) Premium4,75,751.92 4,88,848.92 1,13,900.241,19,333.04 (b) Reinsurance ceded(682.34) (700.76) (130.10)(132.65)Sub-total4,75,069.58 4,88,148.16 1,13,770.131,19,200.39 Income from investments¹3,63,943.93 3,92,623.37 96,182.561,02,930.20Other income 14,648.36 662.53 145.50130.09Contribution from Shareholders’ A/Cs towards others12.98 2,642.09 809.88602.49Total (A)8,53,674.85 8,84,076.16 2,10,908.072,22,863.17 Commission25,959.13 25,308.76 5,090.084,949.57 Operating expenses related to insurance business48,121.68 35,415.20 8,431.237,549.00 Provision for tax (Policyholders)²4,948.07 6,450.03 1,450.261,601.30Provisions (other than taxation)(1,973.72) (626.78) 35.11(385.92)Total (B)77,120.91 66,547.22 15,006.6813,713.95Benefits paid (net)3,85,949.15 4,13,278.89 81,135.2096,180.86 Interim bonuses paid 2,860.18 3,075.80 729.10875.26 Change in valuation of liability in respect of life policies³3,53,036.08 3,53,334.29 1,03,151.48 1,01,157.65Total (C)7,41,845.41 7,69,688.99 1,85,015.791,98,213.77 Surplus/(deficit) (D) = (A - B - C)34,708.53 47,839.95 10,885.6010,935.45 Source:Corporation data. Figures may not add up due to rounding. For detailed information on financials, please refer standalone Financial Results for quarter ended June 30th , 2025 and accompanying Notes which are uploaded on the Stock exchanges andthe Corporation’s websites. 1. Net of amortisation and losses (including capital gain); 2. Includes provision for doubtful debts, GST on charges; 3. Includes fund reserve for linked policies and discontinued policies.
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Financials – Standalone Statement of Profit & Loss (Shareholders’ Account) 46 For the Year ended For the three months endedParticulars March 31st2024 March 31st2025 June 30th2024 June 30th2025Amounts transferred from/to the Policyholders account (Technical Account)40,021.96 49,506.72 10,995.5910,871.28Income from Investments(a) Interest, Dividends & Rent - Gross3,564.77 5,649.96 1,160.921,785.01(b) Profit on sale/redemption of investments147.82 380.33 20.2510.54(c) (Loss) on sale/redemption of investments(17.96) (9.07) (0.76)(0.05)(d) Amortisation of Premium/Discount on Investments0.00 (29.51) (3.70)(8.77)Total (A)43,716.60 55,498.44 12,172.3012,658.01Expense other than those directly related to the Insurance business246.28 642.21 227.83515.61Penalties0 0.03 0.000.01Contribution to Policyholders' Account towards others12.98 4,467.78 1,266.301,058.92Amount transferred to policyholders A/C2,598.45 2,255.42 217.5080.05Provisions (Other than taxation)71.68 (18.19) (0.38)(2.72)Total (B)2,929.39 7,347.27 1,711.251,651.87Profit/(Loss) before tax40,787.20 48,151.17 10,461.0511,006.14Provision for Taxation111.43 0.00 0.0019.63Profit/Loss after tax40,675.79 48,151.17 10,461.0510,986.51Source Corporation data. Figures may not add up due to rounding. For detailed information on financials, please refer standalone Financial Results for quarter ended June 30th , 2025 and accompanying Notes which are uploaded on the Stock exchanges and the Corporation’s websites (INR In Crore)
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Foreign branches1SubsidiariesAssociatesFiji Branch Mauritius Branch United Kingdom Branch 100.00% 100.00% 99.66%2 100.00% 97.22% 55.00% 83.33% 45.24%3 49.24%4 44.61% 5.38%3 29.84%4 49.00% LIC Mutual FundTrustee Company Ltd Country Entity Country Entity Stake held (%) Country Entity Stake held (%) Source: Corporation data; Note: All data as of 30thJune., 2025; 1 Foreign branches were set up by the Corporation and are not separate legal entities; 2 The Corporation’s 99.66% shareholding in Life Insurance Corporation (International) B.S.C. Bahrain was purchased using a combination of shareholders’ (94.40%) and policyholders’ funds (5.60%); 3 LIC Housing Finance holds a 94.62% stake in LIC HFL Asset Management Company; 4 IDBI Bank holds a 54.70% stake in IDBI Bank Trusteeship ServicesX%- Shareholding purchased using shareholders’ fundsY%- Shareholding purchased using policyholders’ funds47 LIC – Group Structure Equity Participation14.46%4.98%Country EntityStake held (%)
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India is one of the fastest growing major economy (GDP Growth, Percentage year-on-year) 482014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024P 2025PIndia7.4 8 8.3 7 6.1 4.2 -8 9 7.2 6.7 6.5 6.5China7.3 6.9 6.8 6.9 6.7 6 2.3 8.1 3.0 5.2 4.6 4.1Japan0.4 1.2 0.5 2.2 0.3 0.3 -4.8 1.6 1.0 1.9 0.9 0.8United States2.5 3.1 1.7 2.3 3 2.2 -3.5 5.6 1.9 2.5 2.1 1.7United Kingdom2.6 2.4 1.9 1.9 1.3 1.5 -9.9 7.2 4.3 0.5 0.6 1.6Brazil0.5 -3.5 -3.3 1.3 1.3 1.4 -4.1 4.7 3.0 3.1 1.7 1.9Russia0.7 -2 0.5 1.8 2.8 2 -3.1 4.5 -1.2 3.0 2.6 1.1South Africa1.8 1.2 0.4 1.4 0.8 0.2 -7 4.6 1.9 0.6 1.0 1.3-15-10-50510 IndiaChinaJapanUnited StatesUnited KingdomBrazilRussiaSouth AfricaSource: CRISIL Research Report for LIC of India and IMF (World Economic Outlook- January 2024 update) .
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Higher income = Higher wealth/education = More demand for Insurance Source: World Bank data, IRDAI USD 1 = INR 83 Rising incomes = Affordability + Awareness = more Insurance productsPakistanIndiaPhilippinesBrazilThailandRussiaChinaChilePolandSlovak RepublicPortugalSloveniaSpainKorea, Rep.ItalyFranceJapanIsraelGermanyAustraliaNetherlandsUnited States.0k.5k1.0k1.5k2.0k2.5k1k 10k 100kLife Insurance Premium per Capita ($, current)Per Capita Income ($, current)49
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Household savings to increase 50 22.40%23.60%25.20%23.10%23.60%22.50%20.30%19.60%18.00%18.10%19.30%20.30%19.10%22.70%20.21%18.22%0.00%5.00%10.00%15.00%20.00%25.00%30.00% FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Household Savings (% of GDP) Household Savings (% of GDP)Source: CRISIL Research Report for LIC of India, RBI Handbook on Statistics on the Indian Economy 2022-23 and Ministry of Statistics and Programme Implementation (MOSPI) . Household saving as percentage of GDP is 18.22% in fiscal year 2023
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Share of life insurance in incremental household financial saving 5125.54%35.99%38.24%40.61%31.93%37.28%16.46%16.88%14.25%18.26%18.22%18.18%17.96%17.86%19.48%16.18%21.13%21.07%23.57%12.28%12.16%12.45%10.32%7.99%6.72%6.70%2.65%2.09%6.15%6.02%9.75%10.29%13.22%10.41%12.25%9.46%0.00%20.00%40.00%60.00%80.00%100.00%120.00%FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23Bank DepositsLife Insurance FundsProvident and Pension FundsCurrencyMutual FundsOthersSource: Ministry of Statistics and Programme Implementation (MOSPI) Households are more inclined towards saving and purchasing in long term products, which will likely to increase demand for life insurance in India.
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Preference for Financial savings - Faster growth for Life Insurance Note: All amount pertain to FY 2022-23¹ HH – households; ² Represent last 10 years CAGR; Source: MOSPI. Nominal GDP Household (HH) Savings Gross Savings in Financial Assets ~ 2,72,40,712 Cr~ 49,63,212 Cr(18.2% GDP)~ 29,73,636 Cr(59.91% HH savings)~10.3% CAGR~9.0% CAGR~10.7% CAGR10-Year(FY 2014 to FY 2023)Annual HH 1Savings in Life Insurance ~ 5,40,561 Cr(18.18% Fin Savings)~10.7% CAGRAnnual HH 1Savings in Mutual Funds ~ 1,79,088 Cr(6.02% Fin Savings)~31.7% CAGRAnnual HH 1 Savings in Other Instruments~ 22,53,987 Cr(75.80% Fin Savings)52
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Protection gap for different countries 53 83%76%74%71%70%61%55% 55%54%41%0%10%20%30%40%50%60%70%80%90% India Indonesia Malaysia Thialand China Japan South Korea Singapore Australia Hong KongProtection GapSource: CRISIL Research Report for LIC of India (¹Swiss Re- Closing Asia's Mortality Protection Gap- July 2020, CRISIL Research)India’s protection gap was 83% as of 2019, the highest among all countries in Asia- Pacific¹
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14.89.27.1 7.17.46.85.553.73.42.80246810121416HongKongSouthAfricaTaiwan UnitedKingdomSingapore Japan# France SouthKorea#Malaysia# Thailand India#Life Insurance Penetration %age FY 2023 WELL POSITIONED TO RIDE THE GROWTH IN A HIGHLY UNDERINSURED MARKET BOTH IN TERMS OF PENETRATION AND DENSITY Source: IRDAI Handbook 2023-24, ˡInsurance density is measured as ratio of premium (in US Dollar) to total population. ²Insurance penetration is measured as ratio of premium to GDP. # Data relates to F.Y. other data relates to calendar year. 757462643466283222852431213622451635110657758442527424420770010002000300040005000600070008000Insurance Density (in US$)1 FY 2023 54
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Indian Insurance Industry by premium and policies breakup – FY2542.95%57.05%By Total New Business Premium Private SectorPublic Sector (LIC)1,70,667 Crore62.54%37.46%Individual NB PremiumPrivate SectorPublic Sector (LIC)28.81%71.19%Group NB Premium Private SectorLIC1,64,265 Crore66,481 CroreSource: Life Council Data for FY 2025. Figures may not add up to total due to rounding. 2,26,670 Crore1,04,186 Crore62,405 Crore34.17%65.83%By Total Number of Policies Private SectorPublic Sector (LIC)0.924 Crore1.781 Crore34.19%65.81%Individual Number of PoliciesPrivate SectorPublic Sector (LIC)22.23%77.77%Group Number of Policies Private SectorPublic Sector(LIC)32,2689,2231.778 Crore0.923 Crore55
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Embedding ESG in our business - building a sustainable future for the communities LIC has integrated the SDGs with key areas of their business operations. LIC initiatives have ensured a positivecontribution to at least 14 of the 17 SDGs51.72% agents in India reside in rural areas“Bima Gram” initiative to drive insurance awareness in rural IndiaLIC GJF supports projects for the economically weaker sections of the society, aligned with its objectives - relief of poverty ordistress, education, medical relief any other object of general public utility, across the country. Till date GJF has sanctioned 951Projects across the country The LIC GJ,F has partnered with the Akshaya Patra Foundation (NGO) for funding for Food distribution vehicle for providingfood for children and also for kitchen equipment like dough making machine and roti makers for providing food to theunderprivileged 268 medical camps and 422 cleaning activities organized in Q1FY26 under the “Swastha Bharat” initiativeAnnual “Insurance Week”initiative to promoteinsurance awarenessImpact investing strategy focused on improving access to healthcare and financing healthcare infrastructureLIC GJF has funded for projects providing medical equipments, ambulance, medical vans, construction of hospitals, providingfor treatment for cancer patients, heart surgery and cochlear implant surgery. Scholarships offered to 30,835 deserving students worth Rs. 80.62 crore by LIC GJF from EW for higher education in FY2025.“Bima School” initiative to drive insurance awareness among schoolchildrenSupport to educational and research institutesContributions by the LIC GJF for education infrastructure such as hostels, school buildings, computer labs, libraries, SchoolBus, vocational training centre, occupational therapy tools & audio visual equipments for specially abled children. Contributionby LIC GJF for literacy campaign in Govindpur village for 100% literacy etc. 23.97% women in workforce, 35.77% female agents and 37.05% female policyholdersCommittees at the central, zonal, & divisional levels for prevention of sexual harassmentActive contribution towards women welfare projects for women empowerment., special scholarships for girl child by LIC GJF, constructions of class rooms, hostel building, vocational training center, library, setting of infertility clinic, female patient ward, construction of mother and child center, solar power plant in schools, residential school for under privileged girls.Source: Corporation data, Note: Data as on 30.06.2025 unless otherwise mentioned; LIC GJF - LIC Golden Jubilee Foundation; SDG – Sustainable Development Goals; PWD – Persons with benchmark disabilities; EW – Economically weaker sections of society56
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Embedding ESG in our business - building a sustainable future for the communities LIC has integrated the SDGs with key areas of their business operations. LIC initiatives have ensured a positivecontribution to at least 14 of the 17 SDGs Support to various other sanitation projects by LIC GJF.Contributions by LIC GJF for renovation of water bodies at Hari Thirtham, Kanyakumari and enabling availability of fresh water forcommunities. Providing water vending machines for clean drinking water to visitors of Badrinath, Kedarnath, Rishikesh and Haridwar.Contribution towards construction of toilets under ‘One Home One Toilet Scheme’ in slums of Kolhapur. Funded for 169 toilets in 113schools across the country, toilet blocks in school.Contribution by LIC GJF towards construction of two community toilets at LIC’s adopted village of Govindpur in Sonbhadra district ofUttar Pradesh to make the village free from open defecation.Contribution towards construction of E-Toilets at Badri Dham.Contribution towards Clean Ganga fund to rejuvenate river Ganga and its ecosystem. Continuous investments towards skill development of employees and agentsComprehensive in-house infrastructureLIC GJF has funded for skill development training to the underprivileged youth and for the specially abled for providing technicalskills for their livelihood generation. Significant investments made in India towards social infrastructure including power generation, development of roads/ bridges/railways etc.Equal opportunities policy in placeReservations for PWDs, EWS, under-privileged sections of societyContribution by LIC GJF towards medical and education facilities to tribal communities, relief to communities affected by natural calamities etc.Contribution by LIC GJF for COVID relief.Contribution by LIC GJF towards Armed Forces Flag Day Fund for welfare of veterans, widows and rehabilitation of ex-servicemen. Source: Corporation data Note: Data as on 30.06.2025 unless otherwise mentioned; LIC GJF - LIC Golden Jubilee Foundation; SDG – Sustainable Development Goals; PWD – Persons with benchmark disabilities; EW – Economically weaker sections of society57
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Source: Corporation data Note: Data as on 30.06.2025 unless otherwise mentioned; LIC GJF - LIC Golden Jubilee Foundation; SDG – Sustainable Development Goals; PWD – Persons with benchmark disabilities; EW – Economically weaker sections of society LIC has integrated the SDGs with key areas of their business operations. LIC initiatives have ensured a positivecontribution to at least 14 of the 17 SDGsSubstantial investments in renewable energySignificant investment in the housing sector in IndiaMulti-faceted initiatives for upliftment of poor communities.Funded for E-toilets at Badrinath Dham for providing sanitation for the pilgrims visiting Badrinath Dham. 8.61 MW rooftop solar capacity installed, resulting in reduction of ~9,848 tons of carbon emissions per annum. Three Green rated buildings constructed.Contribution by LIC GJF for installation of solar power plant at school hostel building, Vrudhashram, electriccrematorium, Eeco vehicles and Eeco Ambulance etc. Proactive identification of relevant environment and ecosystem issuesOther initiatives including tree plantation drives, adoption of public gardens for their upkeep etc.Contribution towards purchase of Ambulance for transportation and rescue of wild animals in Kanpur Zoo.installation of solar power plant for Elephant Conservation and Care Centre at Mathura, Uttar Pradesh and at Life Time AnimalSanctuary in Village Gopal Khera, Gurgaon which is shelter home for animal rescue and rehabilitation. 58 Embedding ESG in our business - building a sustainable future for the communities Funded for Clean Ganga project to rejuvenate river Ganga and its ecosystem.Installation of solar plant at Life Time Animal sanctuary which is shelter home for animal rescue and rehabilitation. Funded for solar power plants at hostel buildings, orphanage, etc there by reducing cost of electricity bill.
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Roof top solar capacity installed (KW)Total Reduction of carbon emissions (in tons) 2,0242,2543,1413,3764,4716,5758,1108,615FY 2019 FY 2020 FY 2021 FY 2022 FY2023 FY2024 FY2025 Q1FY261,8122,0512,8562,9663,8265,4549,2189,848FY 2019 FY 2020 FY 2021 FY 2022 FY2023 FY2024 FY2025 Q1FY2659Source: Corporation data Committed to ESG initiatives across the organization
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60 Awards & Accolades Source: Corporation data as at 30.06.2025
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GlossaryNew Business APE: The sum annualized first year premiums on regular premium policies, and 10.00% of single premiums, written by the Companyduring the fiscal year from both retail and group customers.New Business Premium NBP: Insurance premium that is due in the first policy year of a life insurance contract or a single lump sum payment from thepolicyholder.Individual Rated Premium IRP: New business premiums written by the Company under individual products and weighted at the rate of 10.00% forsingle premiums.Renewal Premium: Life Insurance Premiums falling due in the years subsequent to the first year of the policy.Embedded Value EV: Embedded Value is the measure of the consolidated value of shareholders’ interest in the covered life insurance business, whichis all life insurance business written by the Company since inception and in-force as on the valuation date (including lapsed business which have thepotential of getting revived). The Embedded Value of the Company has been determined on the basis of the Indian Embedded Value (IEV) Methodologycalculated as per APS 10 set forth by the Institute of Actuaries of India (IAI).Gross Written Premium GWP: The total premium written by the Company before deductions for reinsurance ceded.Value of New Business VoNB: Value of New Business is the present value of expected future earnings from new policies written during a specifiedperiod and it reflects the additional value to shareholders expected to be generated through the activity of writing new policies during a specified period.VoNB Margin: VoNB Margin is the ratio of VoNB to New Business Annualized Premium Equivalent for a specified period and is a measure of theexpected profitability of new business.Solvency Ratio: Solvency ratio means ratio of the amount of Available Solvency Margin to the amount of Required Solvency Margin as specified inform-KT-3 of IRDAI Actuarial Report and Abstracts for Life Insurance Business Regulations.61
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AbbreviationTerm Description Term DescriptionGWP Gross Written Premium Opex Operating Expenses (excluding commission)NBP New Business Premium CAGR Compounded Annual Growth RateNOP Number of Policies GDP Gross Domestic ProductAPE Annualized Premium Equivalent INR (Rs.) Indian RupeesIRP Individual Rated Premium SSS Salary Saving SchemeAUM Assets Under Management TAT Turn Around TimeBanca Bancassurance Traditional SegmentOther than Unit Linked Insurance PlanULIP Unit Linked Insurance Plan Traditional Channel Bancassurance + AgencyPAR Participating VoNB Value of New BusinessNON PAR Non-Participating VoNB Margin Value of New Business MarginSDGs Sustainable Development Goals62
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DisclaimerExcept for the historical information contained herein, statements in this presentation which contain words or phrases such as ‘will’,‘would’, ‘indicating’, ‘expected to’ etc., and similar expressions or variations of such expressions may constitute ‘forward-lookingstatements’. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actualresults to differ materially from those suggested by the forward-looking statements.These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth andexpansion in business, the impact of any acquisitions, technological implementation and changes, the actual growth in demand forinsurance products and services, investment income, cash flow projections, our exposure to market risks, policies and actions ofregulatory authorities; impact of competition; experience with regard to mortality and morbidity trends, lapse rates and policy renewalrates; the impact of changes in capital solvency or accounting standards, tax and other legislations and regulations in thejurisdictions as well as other risks detailed in the reports filed L.I.C. of India, out holding company. We undertake no obligation toupdate forward-looking statements to reflect events or circumstances after the date thereof.The assumptions, estimates and judgments used in the calculations are evaluated internally where applicable and have beenexternally reviewed. They represent the best estimate based on the Corporation’s experience and knowledge of relevant facts andcircumstances. While the management believes that such assumptions, estimates and judgments to be reasonable; the actualexperience could differ from those assumed whereby the results may be materially different from those shown herein.63
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