Slides
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5th November 2026Investor Presentation H1 FY27
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AGENDA INTRODUCTION TO LIC1234 567BUSINESS AND FINANCIAL UPDATESACTUARIAL UPDATESMARKETING AND DISTRIBUTION STRENGTHSACHIEVING 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 02.11.2026; ²Brand Finance Insurance 100-2026 Report ³Brand Finance -India 100-2026 Report ⁴On 20.01.2025 sold 5,88,107 life insurance policies across India. 3rdMost Valuable Indian Brand³ 4thStrongest Indian Brand³4 2ndStrongest Insurance Brand Globally² 13thposition as a Most Valuable Insurance Brand Globally² 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”⁴
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Source: Corporation data as of 30thSeptember, 2026, ¹excluding government run schemes such as 1. National Pension Scheme for Self Employed,, 2. Pradhan Mantri Shram Yogi Maan-dhan Yojana 3. Pradhan Mantri Kisan Maan-dhan Yojana, 4. Pradhan Mantri Laghu Vyapari Maan-dhan Yojana. 5. Pradhan Mantri Jeevan Jyoti Bima Yojana. Comprehensive Product Portfolio(as at quarter ended September 30th2026)Cross cyclical and comprehensive life insurance solutions 5As of 30thSeptember, 2026 the Corporation’s product portfolio comprised of 60 offerings, which included 38 exclusiveindividual products, 13 exclusive group products, LIC's Smart Pension is a common product available for both IndividualBusiness and Group Business, 7 individual riders and 1 group rider. •Group Products¹ •Non Participating Products (Including four Annuity Products) •Participating Products1227814•RidersOn 19thOctober 2026, LIC launched three new individual products,LIC’s New Jeevan Dhara – II – Deferred Annuity Plan, LIC’s Health Shield – HealthPure Risk Plan and LIC’s New Cancer Cover – Health Pure Risk Plan.
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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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Source: Corporation Data New products launched during H1 FY27 7 Name of ProductsLIC’s New Jeevan Sathi –Single PremiumLIC’s New Jeevan Sathi –Limited PremiumLIC’s New Bima Jyoti LIC’s New Jeevan Raksha LIC’s BimaPlatinum Introduction date 01.06.2026 01.06.2026 10.08.2026 07.09.2026 07.09.2026Par/Non Par Non-Par Non-Par Non-Par Non-Par Non-ParProduct CategoryJoint Life Single Premium Endowment ProductJoint Life Limited Premium Endowment ProductLimited premium payment, Endowment ProductPure Risk Plan Limited premium payment, Endowment ProductFeatures of productNon-Linked, Life,Individual, Savingsplan withGuaranteedAdditionsNon-Linked, Life,Individual, Savingsplan withGuaranteedAdditionsNon-Linked, Life,Individual, Savingsplan withGuaranteedAdditionsNon-Linked, Life,Individual, PureRisk planNon-Linked, Life,Individual, Savingsplan withGuaranteedAdditions
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BUSINESS AND FINANCIAL UPDATES2
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Business Performance Parameters – H1 FY27Total Premium IncomeAmount INR CroreH1 FY27 INR 2,74,269 CrH1 FY26 INR 2,45,680 CrIndividual New Business PremiumRenewal Premium (Individual) H1 FY27 INR 1,27,950 CrH1 FY26 INR 1,22,224 CrTotal Group Business PremiumH1 FY27 INR 1,13,594 CrH1 FY26 INR 94,965 Cr 9Market Share in Premium¹H1 FY27 58.77%H1 FY26 59.41%Market Share in Policies¹H1 FY27 60.83%H1 FY26 63.44%H1 FY27 INR 32,725 CrH1 FY26 INR 28,491 Cr+11.64%+14.86%+4.68%-0.64% (Absolute)+19.62%-2.61%(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 Parameters – H1 FY27H1 FY27 12,691 Cr H1 FY26 12,049 Cr Total Number of Death Claims (Individual)H1 FY27 INR 17510 CrH1 FY26 INR 15,293 CrWeighted Received Premium (Individual)H1 FY27 4,08,880H1 FY26 4,09,96610Total Death Claim Paid Total Individual New Business Sum AssuredH1 FY27 INR 2,59,900 CrH1 FY26 INR 2,47,140 CrTotal Maturity Claim Paid H1 FY27 1,25,806 Cr H1 FY26 1,07,587 Cr Total Number of Maturity Claims (Individual) H1 FY27 78,90,878H1 FY26 92,34,314+14.50%-0.26%-14.55%+5.33%+5.16% Source Corporation Data.. Figures may not add up to total due to rounding off.+16.93% Amount INR Crore
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Financial Performance Parameters –H1 FY27Number of Policies sold (Individual) Number of Policies sold by Bancassurance & Alternate ChannelsClaim Settlement Ratio Death¹H1 FY27 70,97,094H1 FY26 72,60,573H1 FY27 1,08,789H1 FY26 1,12,082H1 FY27 96.74%H1 FY26 97.25% 11 Profit After TaxH1 FY27 INR 25,568 CrH1 FY26 INR 21,040 CrSolvencyH1 FY27 2.35H1 FY26 2.13Assets Under ManagementH1 FY27INR 59,60,941 CrH1 FY26 INR 57,22,896 Cr+4.16%-2.94%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. -0.51%(Absolute)-2.25%+0.22%(Absolute)Amount INR Crore+21.52%
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Performance Ratios – H1 FY27Yield on Investment (Policyholders Fund)²H1 FY27 8.67%H1 FY26 8.90%Conservation RatioTotal Gross NPA Ratio¹H1 FY27 1.16%H1 FY26 1.34%H1 FY27 90.20%H1 FY26 91.15%12Overall Expense RatioH1 FY27 10.41%H1 FY26 11.28%Yield on Investment (Shareholders Fund)²H1 FY27 6.54%H1 FY26 6.48% Source Corporation Data Figures may not add up to total due to rounding off. ¹for policyholders fund ²Without unrealised gains.-0.87% (Absolute)-0.23%(Absolute)-0.18%(Absolute)+0.06% (Absolute)- 0.95%(Absolute)
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ACTUARIAL UPDATES 3
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Embedded Value (INR Crore) 14Source: Corporation data. Indian Embedded Value (IEV)5,41,492 5,82,243 7,27,344 7,76,876 7,89,185 7,97,378 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Sep-26The IEV hasincreased byINR 8,193Crore fromMarch 2026to Sep 2026,registering agrowth of1.04%.
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Build Up of Indian Embedded Value - H1 FY26 Versus H1 FY27 15 ComponentsH1 FY26H1 FY27A. Adjusted Net Worth (ANW)1,35,695 1,84,064B. Value of in-force (VIF) Business6,77,535 6,13,314C. Indian embedded value (IEV) (C=A+B)8,13,230 7,97,378Source: Corporation data. Figures may not add up to total due to rounding off. . INR in Crore
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Sensitivity – ScenariosChange in Indian Embedded ValueChange in New Business Margin(Percent Points)For the Half Year End30/9/2026 30/9/2026Base results (INR in Crore)7,97,37822.3%Reference ratesAn increase of 100 bps in the reference rates(0.6%) 3.0%A decrease of 100 bps in the reference rates0.5% (4.4%)Acquisition expenses10% increase in acquisition expensesNot applicable (0.6%)10% decrease in acquisition expensesNot applicable 0.6%Maintenance expenses10% increase in maintenance expenses(0.5%) (0.8%)10% decrease in maintenance expenses0.5% 0.8%Persistency10% increase (multiplicative) in the policy/ premium discontinuance rates and partial withdrawal rates(0.2%) (1.2%)10% decrease (multiplicative) in the policy/premium discontinuance rates and partial withdrawal rates0.2%1.3%Mortality/ Morbidity5% increase (multiplicative) in the mortality/ morbidity rates(0.1%) (0.2%)5% decrease (multiplicative) in the mortality/ morbidity rates0.1% 0.2%Taxation Assumed tax rate increased to 25%(9.4%) (3.0%)Equity Equity values decrease by 10%(6.0%) (0.8%) Sensitivity Analysis Source: Corporation data16
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APE - Line of Business H1 FY26 H1 FY27 Year on Year GrowthA Individual Par10,936 11,3643.91%B Individual Non Par6,234 5,861(5.98%)1 Individual Saving2,247 3,03435.02%2 Protection99 15758.59%3 Annuity751 7915.33%4 ULIP3,137 1,880(40.07%)C Total Individual (A+B)17,170 17,2240.31%D Group11,864 13,47213.55%E Total APE (C+D) 29,034 30,6965.72%F Net VNB5,111 6,846 33.95%G Net VNB Margin(F/E)17.6% 22.3%4.7%(Abs.)17Source 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 34.02%65.98%Non-ParPar18 Focus on Consolidating Increased Share of Non-Par Products Source: Corporation data; 1. Within India Business Breakup of Individual APE (H1 FY26) Breakup of Individual APE (H1 FY27) 36.31%63.69%Non-ParPar
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Source: Corporation Data VNB Walk H1 FY26 to H1 FY27 19
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63.36%60.23%55.18%50.67%51.50%67.58%57.29%55.99%51.89%48.33%13th Month 25th Month 37th Month 49th Month 61st MonthH1FY26H1FY2720 On Number of Policies BasisOn Premium BasisSource Corporation data as per IRDAI guidelines75.29%71.37%67.70%63.70%63.81%74.69%69.62%67.17%64.31%61.03%13th Month 25th Month 37th Month 49th Month 61st MonthH1FY26H1FY27 Persistency Ratios - H1 FY27Persistency ratio by # policiesPersistency ratio by #premium
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MARKETING AND DISTRIBUTION STRENGTHS4
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22Source: Corporation data and life council data as on 30.09.2026. Largest Agency ForceHigher Vintage:55.90% of agents > 5 Years with LIC10.70 12.81 14.80 16.36 18.36 18.71 12.09 13.47 14.15 14.87 14.57 14.52 FY20 FY23 FY24 FY25 FY26 H1 FY27OthersLIC # Agents in lacs LIC has dominant agency force – 43.70% of Life Insurance Industry.
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Exclusive and Well Trained Agency NetworkMix of agents by age group 44.10%55.90%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 30.09.2026, Figures may not add up due to rounding.23 18-30 yrs16% 31-35 yrs12% 36-40 yrs13% 41-50 yrs24% 51-60 yrs21% Above 60 yrs14%
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Agents’ Training5 43.70% Market share by number of agents 908 Agents fulfilling the MDRT criteria¹ 76.86% 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 30.09.2026, ¹The data pertain to the period from 01.01.2026 to 30.09.2026.24 Total number of training infrastructure -716Training in Sales Training Centers and Zonal Training Centers –2,39,447 Imparted training to newly recruited Agents – 43,483Total 2,86,726 agents trained in H1 FY27
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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 women•Stipendiary scheme for three years•Stipendiary scheme based on achievement of specifiednormsKey Statistics Up to 30.09.2026Total Number of MCAs in force (in lakh)3.04Total Number of Policies Sold (in lakh)10.64Total NBP Procured (INR in crore) 1,548.80Performance Highlights of Bima Sakhi 58.26% of policies and 57.80% of premium procured by BimaSakhis from Rural areas25
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CO Office8 Zonal Offices113 Divisional Offices¹2,130 Branch Offices²Satellite Offices 1,584 Total Agents 14.52 lacs 8 Zonal Training Centers 35 Sales Training Centers 113 Divisional Training Centers 560 Agent Training Centers2.57% Employees 3.13% Employees14.05% Employees 80.25% Employees 2.86 lac Agents trained in H1 FY27 94.30% of total employees are deployed at Divisional and Branch Office to look after operational activities Organizational StructureAgents Training Infrastructure 26Source: Corporation data as on 30.09.2026; 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 data27FY23 FY24 FY25 FY26 H1FY27Rural48.22% 49.06% 51.02% 52.85% 53.89%Urban51.78% 50.94% 48.98% 47.15% 46.11%
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Massive Distribution Network spread across India capable of delivering multi-fold growth Snapshot of LIC’s vast distribution capabilities14.52¹ lacsAgents exclusive to LIC36States & UTsCovering 92% districts vs 82% combined for sector (ex-LIC)428Source: Corporation data as on 30.09.2026; Note 1. Including 39,054 Premium Points; 2. Including banks; 3. Out of 14.46 lac agents; 4. As of March 31, 2025 as per the IRDAI Annual Report 2024-2025. ⁵ Including four SSS units(not included P&GS units). Enhancing focus on Building Omni-Channel Distribution Network1762Corporate Agents304Brokers169Insurance Marketing Firms39,542³ Premium points (504 MICRO Insurance Premium Points)1,501Total Micro-insurance agents3,636Branch and satellite offices⁵88Bancassurance partnerships12%Single state concentration geographically diversified
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29 Enhancing focus on Building Omni-Channel Distribution NetworkDistribution mix by Individual NBP (%)Individual NBP Bancassurance and Alt Channels (INR Crore) Source: Corporation Data. Figures may not add up to total due to rounding off. The agency channel is considered the bedrock of distribution for most life insurers globally91.81%8.19%H1 FY 27AgencyOthersParticulars OthersBanks 4.45%Alternates 2.67%Digital Marketing 0.75%Total 7.87%Particulars OthersBanks 4.09%Alternates 3.44%Digital Marketing 0.66%Total 8.19%92.13%7.87%H1 FY 26AgencyOthers20242458H1 FY26 H1 FY2721.44%
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Breakup of Individual New BusinessParticularsNon Par NBP shareProtection 0.39%Health Insurance 0.00%Annuity/Pension 23.49%Other Non Par 11.84%Unit Linked 25.01%Total 60.73% 60.73%39.27%Non- ParPar ParticularsNon Par NB share (# policy) Term 1.14%Health Insurance 0.00%Annuity/Pension 1.04%Other Non Par 9.53%Unit Linked 8.13%Total 19.84%30 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 (H1 FY27)Breakup by no. of policies (H1 FY27) 19.84%80.16%Non- ParPar
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Group Business Segment72.74%70.45%H1 FY26 H1 FY27 Market Share ( by premium)H1 FY26H1 FY27Source: Corporation data. ; Figures may not add up to total due to rounding off.31 Amount INR Crore92,586 1,11,685 H1 FY26 H1 FY27New Business PremiumH1 FY26H1 FY27
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ACHIEVING OPERATIONAL EFFICIENCIES5
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Deeply Entrenched into Bharat Offices cover 92% of districts in India, as compared to 82% for the combined private sector1Presence in 36 States and UTsBiharJharkhandChhattisgarhMaharashtraMadhya PradeshGujaratRajasthanPunjabHaryanaUttar PradeshDelhiUttarakhandAndhra PradeshGoaArunachal PradeshNagalandTripuraAssamManipurMeghalayaSikkimWestBengalMizoramOdishaTelanganaKarnatakaTamil NaduKeralaHimachal PradeshJammu &Kashmir; LadakhAndaman & NicobarChandigarhDaman & DiuDadra & NagarhaveliPuducherryLakshadweepUttar Pradesh11.92%Maharashtra11.45%West Bengal9.26%Tamil Nadu6.59%Gujarat6.08%Karnataka5.85%Rajasthan5.28%Bihar4.80%Kerala4.63%Madhya Pradesh3.97%Andhra Pradesh3.90%Delhi3.65%Odisha3.50%H1 FY27 Extensive domestic distribution network…Breakup of our Business State wise² Source Corporation data as on 30.09.2026. Figures may not add up to total due to rounding off. ¹Data as of March 31, 2025 as per the IRDAI Annual Report 2024-2025. ² Data represents new business premium in India; 33
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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 10.75³ lakh women agents, the share of LIC is 46.14% Rising Share of women in policies sold¹ 34Source Corporation data; Note 1. Data represents new business premium in India; ²As per IRDAI Annual Report 2022-2023; ³As per IRDAI Annual Report 2024-2025. Share of Women in Policies Issued
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Harnessing cutting-edge technology to deliver exceptional customer experiences and optimise operational efficiencyTechnological Innovations at LIC - 1/4 Source Corporation data. 35One – stop shop for all insurance and policy servicing needs. The New Datalake platformis now operational. Thelakehouse infrastructure willsupport the development ofAI/ML use cases to advancebusiness objectives andgrowth.
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Harnessing cutting-edge technology to deliver exceptional customer experiences and optimise operational efficiencyTechnological Innovations at LIC - 2/4 Source Corporation data. 36Designed to accelerate digital engagement and self-service adoption, enhancing customer convenience while improving operational efficiency and service accessibility.
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Harnessing cutting-edge technology to deliver exceptional customer experiences and optimise operational efficiencyTechnological Innovations at LIC - 3/4 Source Corporation data. 37Designed to streamline agency operations and enhance customer service delivery.
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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 – 4/4 Source Corporation data.; Figures may not add up to total due to rounding off. ¹ On Total Individual policies.38 Digital App for Agents to process NewBusiness digitallyKey stats (in ‘000) H1 FY26 H1 FY27 Total policies completed under ANANDA878 1,241Number of agents activated in ANANDA242 320Share of ANANDA Policies¹ 12.10% 17.48%Designed for Ease of on-boarding of Customers by Agency force. Integrated with WhatsApp ANANDA 2.0
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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 39 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. The aforementioned plans are provided for illustrative purposes only and do not represent a comprehensive or exhaustive list. 40
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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 41Source 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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169195216241240241245FY21 FY22 FY23 FY24 FY25 FY26 H1 FY2745.457.561.2372.9183.9591.4890.71FY21 FY22 FY23 FY24 FY25 FY26 H1 FY2722 and WhatsApp services started in Dec-22 and 2.50 crore customers opted/enabled until September-2026Services offered Streamlined customer servicesAutomated messagesEase of interactionVerified conversation 42Source:Corporation data; Note 1. App Rating as on 30tHSeptember, 2026. Note: The two Apps ‘MY LIC’ for customers and ‘Super Sales Saathi‘ for agents and supervisors were launched on 15.04.2026.. Their performance has not been taken into consideration for the above purposes. Strengthening Digital Process – Customer ServiceUptrend in LIC customer APP usersRising website registered customersApp rating 4.44/ 5.01(# users in lakh) No. of Customers (# in lakh)
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30.60%22.75%20.98%15.84%8.85%0.96%0.03%33.49%20.23%20.52%17.79%7.17%0.78%0.02%NACH & Direct Debit Merchant Cash counter Other Apps LIC Portal/APP Banks & Franchises Bill PayH1 FY26H1 FY27 Increasing digital collection across channels (percentage to total transaction) 43Source 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.12,691 crore in H1 FY27as against Rs.12,049 crore in H1 FY26.Claim settlement ratio (Death) in H1 FY27 is 96.74% by number as against 97.25%² in H1 FY26.The number of policyholders complaints per 10,000 policies sold in H1 FY27 is 43.45.Repudiated claim ratio for H1 FY27is 1.56%¹.More than 27.64 lacs queries resolved through call center/IVRS in H1 FY27. Customer Care – at our Core Philosophy Trust of customers gained by consistently high delivery standard.Source Corporation data. ; Figures may not add up to total due to rounding off. ¹ repudiation claim in number. ² Inclusive of unclaimed amount of last 10 years brought back to outstanding as per IRDAI Regulations.44
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KEY FOCUS AREAS6
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Our Strategy – Key Focus Areas 46 I. Consolidate gain achieved in enhancing share of Non Par within the individual businessesI. Market share with focus on profitabilityI. Human Resource strategy to effectively align with new skills and emerging market demands I. Focus on digital and agency transformation project#1#2I. Consolidate the distribution gains achieved via Bancassurance and Alternate ChannelsI. Focus on investment yield maximization while balancing risk#3#4#5#6
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APPENDIX7
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Experienced Board of Directors48 Highly Experienced Management, Distinguished Board and Strong Corporate Governance FrameworkShri R DoraiswamyChief Executive Officer & Managing DirectorShri Sanjay LohiyaGovernment Nominee DirectorShri Ratnakar PatnaikManaging DirectorShri David Paul RasquinhaIndependent DirectorShri Ramakrishnan ChanderManaging Director Eminent Board of Directors and Management Team, with extensive experience in the life insurance industry, leadingto a strong governance framework.Source Corporation data.Shri Gaurav KumarIndependent Director Shri Shailesh Kumar SinghIndependent Director Shri Shyam SrinivasanIndependent Director Shri Ganesh Kumar SundaraIyerIndependent Director
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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 49.87% 5.38%3 29.84%4 49.00% LIC Mutual FundTrustee Company Pvt. Ltd Country Entity Country Entity Stake held (%) Country Entity Stake held (%) Source: Corporation data; Note: All data as at 30thSeptember, 2026; 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%) andpolicyholders’ 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 Services, 5 Due to non viability in its business operations, WAFA is considering financial reorganization as per local laws. Accordingly, the provisions forpermanent diminution in value of investment has been made in the Corporation’s books of accounts hence excluded from consolidation.X%- Shareholding purchased using shareholders’ fundsY%- Shareholding purchased using policyholders’ funds49 LIC – Group Structure Equity Participation14.46%4.98%⁵Country EntityStake held (%)Gift City Branch
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Financials - Standalone Balance Sheet 50 (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 the six months period ended Sept. 30th , 2026 and accompanying Notes which are uploaded on the Stock exchanges and the Corporation’s websites For the year ended For the six months endedParticularsMarch 31st 2025 March 31st2026 September 30th 2025 September 30th 2026Sources of fundsShareholders' funds:Share capital6,325.00 6,325.006,325.0012,650.00Reserves and surplus1,20,095.76 1,69,925.811,33,546.231,76,523.48Credit/(debit) fair value change account(233.02) (894.43)933.74(831.81)Sub-total1,26,187.74 1,75,356.38 1,40,804.97 1,88,341.67Borrowings0.00 0.000.000.00Policyholders' funds53,83,130.85 56,02,199.8456,03,604.9258,06,721.89Funds for discontinued policies804.80 1,523.171,138.092,148.64Insurance reserves15,669.68 23,133.4016,091.0823,166.76Provision for linked liabilities47,533.11 60,398.1355,864.6269,211.52Sub-total54,47,138.42 56,87,254.54 56,76,698.71 59,01,248.81Funds for future appropriations1,828.40 3,215.062,012.583,450.07Total55,75,154.56 58,65,825.98 58,19,516.26 60,93,040.55InvestmentsShareholders'1,04,025.81 1,50,740.331,28,470.471,74,577.67Policyholders'51,36,278.80 53,33,262.1153,54,740.6255,24,849.20Assets held to cover linked liabilities48,311.99 61,896.9456,977.4371,336.29Loans1,27,479.89 1,29,847.561,30,271.961,29,947.17Fixed assets4,461.16 4,736.254,508.204,421.38(a) Current assets2,03,286.59 2,23,976.851,94,617.962,22,621.04(b) Current liabilities 48,689.69 38,634.0650,070.3834,712.20Net current assets(a-b)1,54,596.90 1,85,342.791,44,547.581,87,908.84Total55,75,154.56 58,65,825.9858,19,516.2660,93,040.55
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Financials - Standalone Statement of Revenue (Policyholders’ Account) 51 (INR In Crore)For the year ended For the six months endedParticularsMarch 31st2025 March 31st2026 September 30th 2025September 30th 2026Premiums earned - net(a) Premium4,88,848.92 5,36,748.562,45,967.182,74,629.91(b) Reinsurance ceded(700.76) (764.34)(287.53)(361.32)Sub-total4,88,148.16 5,35,984.222,45,679.652,74,268.59Income from investments¹3,92,623.37 4,31,707.682,15,077.362,24,335.22Other income 662.53 2,799.37264.32766.68Contribution from Shareholders’ A/Cs towards others2,642.09 2,422.681,204.991,206.80Total (A)8,84,076.16 9,72,913.954,62,226.325,00,577.29Commission25,308.76 24,439.5910,721.7211,087.92Operating expenses related to insurance business35,415.20 39,509.7817,011.2217,514.37Provision for tax (Policyholders)²6,450.03 (4,845.77)2,913.221,938.85Provisions (other than taxation)(626.78) (817.05) (631.03) (202.82)Total (B)66,547.22 58,286.5530,015.1330,338.32Benefits paid (net)4,13,278.89 4,87,747.572,01,293.672,53,419.29Interim bonuses paid 3,075.80 8,356.712012.802,143.79Change in valuation of liability in respect of life policies³3,53,334.29 3,63,339.44 2,08,766.251,91,787.15Total (C)7,69,688.99 8,59,443.724,12,072.724,47,350.23Surplus/(deficit) (D) = (A - B - C)47,839.95 55,183.6820,138.4722,888.74Source:Corporation data. Figures may not add up due to rounding. For detailed information on financials, please refer standalone Financial Results for the six months period ended Sept. 30th, 2026 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, transfer to funds for future appropriation – Linked Business and discontinued policies.
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Financials – Standalone Statement of Profit & Loss (Shareholders’ Account) 52 For the year ended For the six months endedParticularsMarch 31st2025 March 31st2026 September 30th 2025September 30th 2026Amounts transferred from/to the Policyholders account (Technical Account)49,506.7258,032.2720,375.5524,736.34Income from Investments(a) Interest, Dividends & Rent - Gross5,649.968,164.693,720.655,256.48(b) Profit on sale/redemption of investments380.33421.35147.84134.92(c) (Loss) on sale/redemption of investments(9.07)(0.10)(0.06)(0.86)(d) Amortisation of Premium/Discount on Investments(29.51)1.74(18.32)(9.74)Other Income0.05Total (A)55,498.4466,619.9524,225.6630,117.19Expense other than those directly related to the Insurance business642.212,415.48558.091,112.62Penalties0.030.020.020.03Contribution to Policyholders' Account towards others4,467.782,422.682,117.841,206.80Amount transferred to policyholders A/C2,255.424,216.82421.252,082.61Provisions (Other than taxation)(18.19)111.17(24.65)5.35Total (B)7,347.279,166.173,072.554,407.41Profit/(Loss) before tax48,151.1757,453.7821,153.1125,709.78Provision for Taxation0.0035.23113.21141.73Profit/Loss after tax48,151.1757,418.5521,039.9025,568.05Source Corporation data. Figures may not add up due to rounding. For detailed information on financials, please refer standalone Financial Results the six months period ended Sept. 30th , 2026 and accompanying Notes which are uploaded on the Stock exchanges and the Corporation’s websites. (INR In Crore)
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India is one of the fastest growing major economy (GDP Growth, Percentage year-on-year) 532014 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)54
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Household savings to increase 55 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 5625.54%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)57
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Protection gap for Different Countries 58 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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15.79.69.27.56.5 6.56.44.23.82.7 2.7024681012141618HongKongSouthAfricaUnitedKingdomTaiwan Singapore France Japan# SouthKorea#Malaysia# India# ThailandLife Insurance Penetration %age FY 2024 WELL POSITIONED TO RIDE THE GROWTH IN A HIGHLY UNDERINSURED MARKET BOTH IN TERMS OF PENETRATION AND DENSITY Source: IRDAI Handbook 2024-25, ¹Insurance penetration is measured as ratio of premium to GDP. , ²Insurance density is measured as ratio of premium (in US Dollar) to total population. # Data relates to F.Y. other data relates to calendar year. 862459234827301128332539230020481501115860544838031322620172010002000300040005000600070008000900010000Insurance Density (in US$)1 FY 2024 59
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Indian Insurance Industry by premium and policies breakup – FY2643.34%56.66%By Total New Business Premium Private SectorPublic Sector (LIC)1,99,249 Crore63.40%36.60%Individual NB PremiumPrivate SectorPublic Sector (LIC)29.89%71.11%Group NB Premium Private SectorPublic Sector LIC1,92,913 Crore82,236 CroreSource: Life Council Data for FY 2026. Figures may not add up to total due to rounding. 2,60,464 Crore1,17,013 Crore67,551 Crore34.84%65.16%By Total Number of Policies Private SectorPublic Sector (LIC)0.987 Crore1.846 Crore34.85%65.15%Individual Number of PoliciesPrivate SectorPublic Sector (LIC)31.48%68.52%Group Number of Policies Private SectorPublic Sector(LIC)20,7869,5501.844 Crore0.986 Crore60
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ESG Rating 61 LIC of India achieved a “CareEdge-ESG 1” rating with an ESG score of 74.0, reflecting leadership in governance, transparency and sustainable business practices.Source: Care ESG Rating dated 14thMay, 2026.
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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 SDGs53.89% 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 or distress, education, medicalrelief and advancement towards any other object of general public utility, across the country.Till date the Foundation has sanctioned 1,062 projects across the country aligned with the objectives of the Foundation.The LIC GJF has provided assistance to Akshaya Patra Foundation (NGO) for funding for Food distribution vehicle for providing food for childrenFunded for kitchen equipment like dough making machine and roti makers for providing free food to the underprivileged.The NGO is also providing free food to the poor students in the school.1,324 medical camps and 2,114 cleaning activities organized in H1 FY27 under the “Swastha Bharat” and “Swachh Bharat” initiatives respectively.Annual “Insurance Week”initiative to promoteinsurance awareness.Impact 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, palliative care centre, patient ward,establishment of operation theatre providing for treatment for cancer patients, Bone Marrow Transplant, heart surgery and cochlear implant surgery.Scholarships offered to 41,776 deserving students worth Rs.114.50 Crore by LIC GJF to students from EW for higher education.“Bima School” initiative to drive insurance awareness among school children.Support to educational and research institutes.Contributions by the LIC GJF for education infrastructure such as hostels, school buildings, computer labs, libraries, School Bus, vocational training centre,occupational therapy tools & audio visual equipments for specially abled children. Contribution by LIC GJF for literacy campaign in Govindpur village for 100%literacy etc.Providing training to handloom weavers.24.24% women in workforce, 41.07% female agents and 38.45% female policies bought by women (H1 FY27).Committees at the central, zonal, & divisional levels for prevention of sexual harassment.Active 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 30.09.2026 unless otherwise mentioned; LIC GJF - LIC Golden Jubilee Foundation; SDG – Sustainable Development Goals; PWD – Persons with benchmark disabilities; EW – Economically weaker sections of society62
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Embedding ESG in our business - building a sustainable future for the communitiesLIC has integrated the SDGs with key areas of their business operations. LIC initiatives have ensured a positivecontribution to at least 14 of the 17 SDGsSupport to various sanitation projects by LIC GJF.Contributions by LIC GJF for renovation of water bodies at Hari Thirtham, Kanyakumari and enabling availability of fresh water for communities. Providingwater 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 113 schools across thecountry, toilet blocks in school.Contribution by LIC GJF towards construction of two community toilets at LIC’s adopted village of Govindpur in Sonbhadra district of Uttar Pradesh to makethe village free from open defecation.Contribution towards construction of E-Toilets at Badri Dham for pilgrims visiting the religious place.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.Funded for construction of art gallery to preserve and propagate Soura paintings in tribal area, skill development training fordevelopment of traditional art forms.Assistance for trainingfor empowering women for training in jewellery making, computer training for 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, 55 GJF projects covering 31 aspirational districts identified by NITI Aayog, relief to communities affected by natural calamities etc.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 30.06.2026 unless otherwise mentioned; LIC GJF - LIC Golden Jubilee Foundation; SDG – Sustainable Development Goals; PWD – Persons with benchmark disabilities; EW – Economically weaker sections of society63
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Source: Corporation data Note: Data as on 30.09.2026 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.11,109 KW rooftop solar capacity installed, resulting in reduction of ~40,444 tons of carbon emissions since inception from 2014. 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 Animal Sanctuary inVillage Gopal Khera, Gurgaon which is shelter home for animal rescue and rehabilitation.64 Embedding ESG in our business - building a sustainable future for the communities Funded for Clean Ganga project to rejuvenate river Ganga and its ecosystem.Funded for renovation of water body at Hara Theertham, Kanyakumari and arranging water for community.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) 2,0242,2543,1413,3764,4716,5758,11010,49911,109 FY 2019 FY 2020 FY 2021 FY 2022 FY2023 FY2024 FY2025 FY2026 H1FY202765Source: Corporation data Committed to ESG Initiatives Across the OrganisationFrom 2014 till 30thSeptember 2026 LIChas generated 47.13 million (Kwh) ofenergy from solar PV power systemresulting in reduction of 40,444 tons ofCarbon Emission (CO2e).
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66 Awards & Accolades Source: Corporation data as at 30.09.2026
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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.67
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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 Goals68
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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.69
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