Interim report
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Ref. No.: LIC/SE/2026-27/110 Date: November 05, 2026 To The Manager, Listing Department, BSE Limited, Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai-400001. The Manager, Listing Department, National Stock Exchange of India Ltd., Exchange Plaza, 5 th Floor, Plot C/1, G Block, Bandra Kurla Complex, Mumbai-400051. Scrip Code: 543526 Symbol: LICI Dear Sir/Madam, Sub: Outcome of the Board meeting Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), this is to inform that the Board of Directors of the Life Insurance Corporation of India (“Corporation”) at their meeting held today, i.e., Thursday, November 05, 2026, have inter-alia considered and approved the following: 1. Unaudited Financial Results (Standalone and Consolidated) of the Corporation for the quarter and half-year ended September 30, 2026. The Unaudited Financial Results (Standalone & Consolidated) alongwith the Limited Review Report for the quarter and half-year ended September 30, 2026 is enclosed. Further, a copy of the Press Release on the Performance update of the Corporation for the quarter and half- year ended September 30, 2026 (H1 - FY 2027) is also enclosed. 2. Smt Naga Nalini K alluri, Secretary ( Corporate Governance/Golden Jubilee Foundation/ Regulatory Compliance) is appointed as Chief Compliance Officer & Key Managerial Personnel (KMP) of the Corporation in place of Shri Jayasimhan Madabhushi Matam Tirumala, Executive Director (Board & Secretarial/Regulatory Compliance) & Chief Compliance Off icer, w.e.f., November 06, 2026 , on the recommendation of Nomination & Remuneration Committee. The details as required under Regulation 30 of the Listing Regulations read with circulars issued thereunder, from time to time, is enclosed as Annexure – I. The Board Meeting commenced at 12:55 p.m. (IST) on November 05, 2026 and concluded at 04:05 p.m. (IST). Please take the above information on record and arrange for its dissemination . A copy of this intimation is also being made available on website of the Corporation at www.licindia.in . Yours faithfully, For Life Insurance Corporation of India (Anshul Kumar Singh) Company Secretary & Compliance Officer Encl: a/a
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Annexure – I Disclosure required pursuant to Regulation 30 read with Para A of Schedule III to the Listing regulations and the circular issued thereunder, from time to time, with regard to change in Key Managerial Personnel is giver hereunder: Appointment of Smt Naga Nalini Kalluri. as Chief Compliance Officer & Key Managerial Personnel: S. No. Particulars Brief Details of the Event 1 Reason for change viz. Appointment, Resignation, Removal, Death or Otherwise Appointment of Smt Naga Nalini K alluri as Chief Compliance Officer & Key Managerial Personnel 2 Date of Appointment / Cessation & Term of appointment November 0 6, 2026 and up to the date of Superannuation or till further order whichever is earlier. 3 Brief Profile (in case of appointment) Smt Naga Nalini Kalluri joined the Life Insurance Corporation of India in the year 1991 as Assistant and upon becoming a Fellow of Insurance Institute of India, elevated to the cadre of Assistant Administrative Officer in the year 1997 under fast track category. She hold s a Bachelor’s Degree in Maths, Physics and Electronics from Osmania University, Hyderabad. She has completed one -year Full -time Post Graduate Executive Program in Management conducted by Indian Institute of Management, Ahmedabad. She also holds Diploma in Life Underwriting and Health Insurance. She worked in various Branches and Divisions of LIC of India across different geographies/Zones and managed various portfolios such as CRM, Finance & Accounts, Policy Servicing, Claim Settlement, Sales and Personnel in various administrative roles. She also worked at Corporate Office of Health Insurance of LIC of India and has an exposure of working in Insurance Regulatory and Development Authority of India on deputation for three years. Prior to taking over charge as Chief Compliance Officer, she was Secretary ( Corporate Governance/Golden Jubilee Foundation/ Regulatory Compliance) handling Regulatory matters from the year 2024. 4 Disclosure of relationships between directors (in case of appointment of a director) Not applicable
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Cessation of Shri Jayasimhan Madabhushi Matam Tirumala , Executive Director (Board & Secretarial/Regulatory Compliance) & Chief Compliance Officer as Chief Compliance Officer S. No. Particulars Information of such event 1 Reason for change viz. Appointment, Resignation, Removal, Superannuation, Death or Otherwise Cessation of Shri Jayasimhan Madabhushi Matam Tirumala as Chief Compliance Officer consequent to the appointment of Smt Naga Nalini K. as Chief Compliance Officer 2 Date of Appointment / Cessation & Term of appointment November 06, 2026. 3 Brief Profile (in case of appointment) Not Applicable 4 Disclosure of relationships between directors (in case of appointment of a director) Not Applicable
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V. Sankar Aiyar& Co. Chartered Accountants A-601, Mangalya Building, Off. MarolMaroshi Road, Andheri (E) Mumbai - 400 059 Mukund M Chitale& Co. Chartered Accountants 2nd floor, Kapur House, Paranjape Scheme B, Road No. 1, Vile Parle (East), Mumbai - 400 057 Independent Auditors' Limited Review Report on Unaudited Standalone Financial Results of LIFE INSURANCE CORPORATION OF INDIA for the quarter and half year ended September 30, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, read with IRDAI Circular reference: IRDAI/ F&I/REG/ CIR/ 208/ 10/ 2016 dated October 25, 2016 To The Board of Directors of Life Insurance Corporation of India 1. We have reviewed the accompanying statement of unaudited standalone financial results of Life Insurance Corporation of India ("the Corporation") for the quarter and half year ended September 30,2026, ("the Statement"),being submitted by the Corporation pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, ("Listing Regulations") and the Insurance Regulatory and Development Authority of India ("IRDAI") Circular r eference: IRDAI /F&I I REG/ CIR/ 208 /1 0/ 2016 dated October 25, 2016. 2. This Statement is the responsibility of the Corporation's Management and approved by the Board of Directors, which has been initialed by us for identification purpose only. The Statement has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard ("AS") 25 "Interim Financial Reporting", issued by the Institute of Chartered Accountants of India (ICAI), including the relevant provisions o f the Insurance Act, 1938 (the "Insurance Act"), the Insurance Regulatory and Development A uthority Act, 1999 (the "IRDA Act"), the Life Insurance Corporation Act, 1956 (the "LIC Act"), as amended, and other accounting principles generally accepted in India, to the extent considered relevant and appropriate for the purpose of these financial results and which are not inconsistent with the accounting principles as prescribed in the Insurance Regulatory and Development Authority of I ndia (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 (the "Regulations") as amended from time to time and orders/directions/circulars issued by the IRDAI. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement iri accordance with the S tandard on R eview Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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V. Sankar Aiyar& Co. Chartered Accountants Mukund M Chitale& Co. Chartered Accountants the Listing Regulations and read with IRDAI Circular reference: IRDAI /F&I I REG/ CIR/ 208 /10/ 2016 dated October 25,2016 including the manner in which it is to be disclosed, or that it contains any material misstatement. Emphasis of Matters 5. We draw attention to the following notes to the Statement: I. Note No. 7, wherein it is mentioned that pursuant to the Regulatory approval received by the Corporation, an amount of Rs.9,280.37 crores pertaining to additional contribution due to increase in family pension is being amortised over 20 quarters commencing from 03 of the FY 2023-24 amounting to Rs.464.02 crores per quarter. Accordingly, an amount of Rs.464.02 croresand Rs. 928.04 croreshave been charged to Revenue Account for the quarter and half yearendedSeptember 30, 2026, respectively.The balance amount of Rs.3, 712.13 crores shall be amortised over the subsequent quarters upto 02 of the FY 2028-29. II. Note No. 8, wherein it is mentioned tha_t pursuant to Regulatory approval received by the Corporation, an amount of Rs.7,230.09 crores in Par segment pertaining to excess Expenses of Management for the FY 2022-23 shall be replenished from Shareholders' account in equal annual instalments not exceeding three.commencing from 01 of the FY 2024-2025. Accordingly, an amount of Rs. 602.51 crores and Rs. 1,205.02 croreshave been replenished from the Shareholders' account for the quarter and half year ended September 30, 2026, respectively. The balance amount of Rs. 1,205.02 crores shall be replenished from Shareholders' account over the subsequent quartersupto 04 of the FY 2026-27. Ill. Note No. 9, wherein it is mentioned that pursuant to Regulatory approval received by the Corporation, an amount of Rs. 5,477.10 crores towards additional pension liability pertaining to Par segment is being charged to the Shareholders account over a period not exceeding three years commencing from the FY 2024-2025. Accordingly, an amount of Rs 456.42 crores and Rs.912.84 croreshas been charged to Shareholders' account for the quarter and half yearended September 30, 2026, respectively. The balance amount of Rs.912.85crores shall be charged to Shareholders ' account over the subsequent quartersupto 04 of the FY 2026- 27. Our conclusion is not modified in respect of the above matters. Other Matters 6. The actuarial valuation of liabilities for life policies in force is the responsibility of the Corporation's Appointed Actuary (the "Appointed Actuary"). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as atSeptember 30, 2026 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with the Authority. We have relied upon the Appointed Actuary's certificate in this regard during our review of the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists, as contained in the Statement.
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V. Sankar Aiyar& Co. Chartered Accountants Mukund M Chitale& Co. Chartered Accountants September 30, 2026 respectively.According to the information and explanation given to us by the Management, these financial results are not material to the Corporation. The Statement also includes results of 1 foreign branch reviewed by one of the Corporationauditors , whose interim financial results reflect total assets of Rs. 24.85crores as atSeptember 30, 2026,total revenue of Rs. 0.38 crores and Rs.0.46crores and net profit after tax of Rs.0.38crores and Rs. 0.33crores for the quarter and half year ended September 30, 2026 respectively. 8. The financial statements I information of 8 Zonal Ofticesincluded in the Standalone Financial Results whose financial results reflect total assets of Rs. 13,569. 70 crores as at September 30, 2026, total revenue of Rs. 2,58,556.25crores for the half year ended September 30, 2026 have been reviewed by the zonal auditors, whose reports have been furnished to us, and our conclusion in so far as it relates to the amounts and disclosures included in respect of zones is based on the report of such zonal auditors. Our conclusion is not modified in respect of the above matters. For M/s V. Sankar Aiyar& Co. Chartered Accountants FRN: 109208W L V Saptharishi Partner Membership No.: 127055 UDIN:26127055HMVKSE1145 Place: Mumbai Dated: 051h November, 2026 For M/s Mukund M Chitale& Co. Chartered Accountants FRN:106655W Nisha Yadav Partner Membership No.: 135775 UDIN:26135775ZUKOKl2569
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LIFE INSURANCE CORPORATION OF INDIA Review ed Standalone Financia l Results for th e quarter and six months ended Septem ber 30, 2026 (Rs. in Cro rel SI. Particu lars Thre e months ended /As at Six months ended/As at Year ended /As at No. Sept. 30, 2026 • Jun e 30, 2026 Sept. 30, 2025 • Sept. 30, 2026 Sept. 30, 2025 March 31, 2026 Reviewed Reviewed Reviewe d Reviewed Reviewe d Audit ed POLICYHOLDERS ' AJC 1 Gross premium income (a) First Year Premium 10,432.40 9,217.26 10,835.63 19,649.66 18,360.89 41 ,935.30 (b) Renewa l Premium 68,374.53 61 ,833.49 64,995.67 130,208.02 124,880.46 276,135.59 (c) Single Premium 68,402 .86 56,369.37 50,802.84 124,772.23 102,725.83 218,677.67 2 Net premium income 1 147,018.18 127,250.41 126,479.26 274,268.59 245,679.65 535,984.22 3 Income from investment s (Net)2 114,983.77 109,351.45 112,1 47.16 224,335.22 215,077.36 431 ,707.68 4 Other income 131.75 634.93 134.23 766.68 264.32 2,799.37 5 Transfer of funds from Shareholde rs' A/c3 605.57 610.91 853.04 1,216.48 1,455.97 2,796 .99 6 Tota l (2 to 5) 262,739.27 237,847.70 239,613.69 500,586.97 462,477.30 973,288.26 7 Commiss ion on (a) First Year Premium 2,343.53 1,908.08 2,189.73 4,251 .61 3,933.1 0 9,317.94 (b) Renewal Premium 3,441 .92 2,990.28 3,379.18 6,432 .20 6,461 .13 14,176.82 (c) Single Premium 270.31 133.80 203.24 404 .11 3 27.49 952.32 8 Net Commission ' 6,055.76 5,032.16 5,772.15 11 ,087 .92 10,721.72 24,439.59 9 Operating Expenses related to insurance business (a + b) (a) Employees remuneration and welfare expenses 5,832.94 6,033.74 7,510.40 11 ,866.68 13, 183.49 27,889.41 (b) Other operating expenses 3,172.79 2,474 .90 1,951 .82 5,647.69 3,827.73 11 ,620.37 10 Expense s o f Managem ent (8+9) 15,061.49 13,540.80 15,234.37 28,602.29 27 ,732.94 63,949.37 11 Provisions for doubtfu l debts (including bad debts written (221 .16) (568.09) (156.46) (789.25) (182.52) (821.12) off) 12 Provisions for diminution in value of (189.60) (13.22) (245.11) (202.82) (631 .03) (817.05) investments/debentu res & bonds 13 Goods & Service tax on linked charges - - 81.82 - 125.45 148.76 14 Provision for taxes 1 129.78 1 598.32 1 386.57 2,728.10 2,970.29 (4 173.41) 15 Benefits Paid(Net)'"' 134, 186.08 121 ,377.00 106,250.36 255,563.08 203,306.47 496,104.28 16 Change in actuarial liability 102,148.97 89,638.18 107,608.58 191 ,787.15 208,766.25 363,339.44 17 Total (10+11+12+1 3+14+15+1 6) 252,115.56 225,572.99 230,1 60.13 477 ,688 .55 442,087.85 917,730.27 18 Surplus/Deficit (6-17) 10 623.71 12 274.71 9 453 .56 22 898.42 20.389.45 55 557.99 19 Appropriations (a) Transferred to Shareholders A/c3 10,516.85 12,146.56 9,413 .61 22,663.41 20,205.28 54 ,189.76 (b) Funds for Future Appropriations 106.86 128.15 39.95 235.01 184.17 1,368.23 20 Details of Surplus I Deficit (a) Interim bonus paid 1,215.37 928.42 1,137.54 2,143.79 2,012.80 8,356.71 (b) Allocation of bonus to policyholders5 - - - - - 59,725.53 (cl Surplus shown in the Revenue Account 10,623.71 12,274.71 9,453 .56 22 ,898.42 20,389.45 55,557.99 Tota l Surplus 11 ,839.08 13,203.13 10,591 .10 25,042.21 22,402 .25 123,640.23 SHAREHOLDERS ' A/C 21 Transfer from Policyholders ' Account3 10,516.85 12,146.56 9,413.61 22,663.41 20,205.28 54,189.76 22 Total income under Shareholders' Account (a) I nvestmen t Income (Net)2 2.837.54 2,543.26 2,063.38 5,380.80 3,850.11 8,587.68 (b) Other income 0.05 - - 0.05 - - 23 Expenses other than those related to insurance business 619.91 492 .74 498 .91 1,112.65 1,470.96 2,415.50 24 Transfer of funds to Policyholde rs' Ale 3 605.57 610.91 853.04 1,216.48 1,455.97 2,796.99 25 Provisions for doubtful debts (including write off) - - - - - - 26 Provisions for diminution in value of 3.14 2.21 investments /debentures & bonds (21 .93) 5.35 (24.65) 111.17 27 Profit before tax 12, 125.82 13,583.96 10,146.97 25,709.78 21 ,153.1 1 57,453.78 28 Provisions for tax 49.80 91 .93 93.58 141 .73 113.21 35.23 29 Pro fit after tax and befo re Extraordinarv Items 12,076.02 13,492.03 10,053.39 25,568.05 21,039.90 57,418.55 30 Extraordinary Items (Net of tax expenses ) - - - - - - 31 Pro fit after tax and Extra ordinary Items 12,076.02 13,492.03 10,053.39 25,568.05 21 ,039.90 57,418 .55 32 Dividend per share (Rs.): (a) Interim Dividend - - - - - - (b) Final Dividend (Refer point no. 6 of the notes) - - - - - 10.00 33 Profit carried to Balance Sheet6 176,489.03 177,063.01 133,517.33 176,489 .03 133,517.33 169,895.98 34 12,650.00 12,650 .00 6,325.00 12,650.00 6,325.00 6,325.00 Paid uo eauitv share capital (Refer point no. 5 of the notes) 35 Reserve & Surplus ( excludinQ Revaluation Reserve ) 176,523.48 177,092.56 133,546.23 176,523.48 133,546.23 169,925.81 36 Fair Value Change Account and Revaluation Reserve (831 .81) 238.74 933.74 (831 .81) 933.74 (894.43) (Shareholders) 37 Total Assets : (a) Investments : - Shareholders ' 174,577.67 174,216.23 128,470.47 174,577.67 128,470.47 150,740.33 - Policyholders Fund excluding Linked Assets 5,524,849.20 5,494,292.46 5,354,740.62 5,524,849.20 5,354,740.62 5,333,262.11 - Assets held to cove r Linked Liabilities 71 ,336.29 69,003.74 56,977.43 71 ,336.29 56 ,977.43 61 ,896.94 (b) Other Assets (Net of current liabilities and provisions) 322,277.39 31 5,854.49 279,327.74 322,277.39 279,327.74 31 9,926.60 - e - lt- 'i'-9 ~ 9 -- 1i 10.9~ ~i ~ £, 1vl,t Tu '8Jtv p 1a M&SAI ., ~ $'!, >} ~ C;; .. ~ ~ .. '1ccoul('-.# i9. ~"('
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SI. Partic ulars Three months ended/As at No. Sept. 30, 2026 * Ju ne 30, 2026 Reviewed 38 Analvti cal Rati os7 : (i) Solvency Ratio 2.35 (ii) Expenses of Management Ratio 10.23% (iii) Policyholder 's liabilities to Shareholders ' fund 31 .35 (iv) Earnings per share (Rs.): a) Basic and diluted EPS before extraordinary items 9.55 (net of tax expense ) for the period (not annualized for three/six months) b) Basic and diluted EPS after extraordinary items 9.55 (net of tax expense ) for the period (not annualized for three/six months } (v} NPA ratios: (for policyholders' fund} a) Gross NPAs 6,920.65 Net NPAs 5.87 b) % of Gross NPAs 1.16% % of Net NPAs 0.00% (vi) Yield on Investments (on policyholders' fund,8 A. Without unrealised gains 9.04% B. With unrealised gains 4.10% (vii NPA ratios: (for shareho lders' fund) a) Gross NPAs 0.00 Net NPAs 0.00 b) % of Gross NPAs 0.00% % of Net NPAs 0.00% (viii Yield on Investmen ts (on shareholders' fund)8 A. Without unrealised gains 6.46% B. With unrealised gains 4.02% (ix) Persistency Ratio • For 13th month 67.67% For 25th month 63.01% For 37th month 58.81 % For 49th month 58.34% For 61st month 55.50% (x) Conservat ion Ratio Life Participating 93.22% Pension Participating 89.62% Annunity Participating 77.44% Life Non Participating 64.58% Pension Non Participating 18.08% Annun ity Non Participating 95.84% Variable Non Participating 29.42% Health Non Participating 92.52% Linked Life Non Participating 107.58% Linked Pension Non Participating 95.53% Linked Health Non Participating 91 .39% Capital Redempt ion Annuity Certain-Non Par 85.46 % (xi) Percentage of shares held by Government of India (in 90.00% case of public sector insurance companies ) • Refer Note no. 12 of SEBI LODR Notes to Standalone and Consolidated F1nanc1al Results Foot Note: 1 Net of reinsurance 2 Net of amortisation and losses (including capital gains) 3 I t includes contribution by Shareholder towards net deficit in segment , if any. 4 Inclusive of interim bonus 5 Allocation of bonus to Policyholder is done at the year end 6 Profit carried to Balance Sheet after appropriations Reviewed 2.42 10.63% 30.86 10.67 10.67 7,168.08 4.92 1.21% 0.00% 8.28% 15.04% 0.00 0.00 0.00% 0.00% 6.21% 8.98% 70.38% 65.95% 62.63% 61 .79% 61.27% 92.12% 82.77% 83.99% 67.12% 56.01% 95.46% 26.65% 92.53% 118.58% 105.75% 92.50% 71 .08% 96.50% 7 Analy1ical ratios have been calculated as per definition given in JRDAI Analytical ratios disclosures . B Yield on Investments is annualized 9 Persistency Ratio - Regular Premium Basis (calculated as per revised JRDAI guidelines) Place Mumbai Date November 5 , 2026 Sept. 30, 2025 * Review ed 2.13 12.03% 40.33 7.95 7.95 8,048.98 3.94 1.34% 0.00% 9.33% 2.07% 0.00 0.00 0.00% 0.00% 6.45% 6.50% 68.19% 62.63% 61 .29% 58.01 % 55.12% 91 .25% 88.46% 91 .10% 55.41% 57.16% 94.19% 88.42 % 86.83% 82.56 % 78.33% 88.85% 113.81 % 96.50% (Rs. in Crore) Six month s ended/A s at Year ended/As at Sept. 30, 2026 Sept. 30, 2025 March 31 , 2026 Reviewed Reviewed Audited 2.35 2.13 2.35 10.41% 11 .28% 11 .91% 31 .35 40.33 32.45 20.21 16.63 45.39 20.21 16.63 45.39 6,920.65 8,048.98 7,205.20 5.87 3.94 4.34 1.16% 1.34% 1.21% 0.00% 0.00% 0.00% 8.67% 8.90% 8.92% 9.53% 9.78% 5.82% 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.54% 6.48% 6.61% 6.62% 8.45% 6.10% 74.69% 75.29% 74.64% 69.62% 71 .37% 68.98% 67.17% 6 7.70% 66.94% 64.31 % 6 3.70% 63.03% 61 03% 63.81% 59.31% 92.68% 92.92% 93.55% 86.32% 89.72% 88.56% 81 .29% 93.11% 89.61% 65.55% 61 .59% 65.07% 26.48 % 51 .72% 63.08% 95.73% 92.16% 95.58% 28.27% 89.91% 43.80% 92.52 % 89.70% 90.82% 111 .95% 107.52% 108.93% 99.81% 97.90% 92.33% 91 .94% 89.88% 87.24% 76.75% 104.36% 93.42% 90.00% 96.50% 96.50% For and on behalf of the Board of Directors R!a:/f!:::a'!::.? Managing Director
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LIFE INSURANCE CORPORATION OF INDIA STANDALONE REVIEWED BALANCE SHEET AS AT SEPTEMBER 30, 2026 (Rs. in Crore) As at September 30, As at September 30, As at March PARTICULARS 2026 2025 31,2026 (Reviewed) (Reviewed) (Audited) SOURCES OF FUNDS SHAREHOLDERS ' FUNDS : SHARE CAP ITAL 12,650.00 6,325.00 6,325.00 RESERVES AND SURPLUS 176,523.48 133,546.23 169,925.81 CREDIT/[DEBIT] FAIR VALUE CHANGE ACCOUNT (831 .81 ) 933.74 (894.43) Sub-Total 188,341 .67 140,804.97 175,356.38 BORROWINGS - - - POLICYHOLDERS ' FUNDS : CREDIT/[DEBIT] FAIR VALUE CHANGE ACCOUNT 524,926.09 668,294.09 502,787.54 HEDGE FLUCTUATION RESERVE (811.49) (370.35) (847.21) POLICY LIABILIT IES 5,282,607.29 4,935,681 .18 5,100,259.51 FUNDS FOR DISCONTINUED POLICIES : (i) Discontinued on Account of non-payment of premiums 2,1 35.23 1,124.11 1,509.77 (ii) Others 13.41 13.98 13.40 INSURANCE RESERVES 23,166.76 16,091 .08 23,133.40 PROVIS ION FOR LINKED LIABILITIES 69,211 .52 55,864.62 60,398.13 Sub-Total 5,901,248:81 5,676,698.71 5,687,254.54 FUNDS FOR FUTURE APPROPRIATIONS 3,450.07 2,012.58 3,215.06 TOTAL 6,093,040.55 5,819,516.26 5,865,825.98 APPLICATION OF FUNDS INVESTMENTS Shareholders ' 174,577.67 128,470.47 150,740.33 Policyholders ' 5,524,849.20 5,354,740 .62 5,333,262.11 Assets held to cover Linked liablities 71 ,336.29 56,977.43 61,896.94 LOANS 129,947.17 130,271 .96 129,847.56 FIXED ASSETS 4,421 .38 4,508.20 4,736.25 DEFERRED TAX ASSETS (Net) - - - CURRENT ASSETS Cash and Bank Balances 56,747.74 48,067.94 64,284.40 Advances and Other Assets 165,873.30 146,550.02 159,692.45 Sub-Total (A) 222,621.04 194,617.96 223,976.85 CURRENT LIABILITIES 34,712.20 35,127.32 38,634.06 PROVISIONS - 14,943.06 - Sub-Total (8) 34,712.20 50,070.38 38,634.06 NET CURRENT ASSETS (C) = (A - B) 187,908.84 144,547.58 185,342.79 MISCELLANEOUS EXPENDITURE (to the extent not written off - - - or adiusted\ DEBIT BALANCE IN PROFIT & LOSS ACCOUNT - - - (Shareholders ' Account) DEFICIT IN REVENUE ACCOUNT (Policyholders ' Account) - - - TOTAL 6,093,040.55 5,819,516.26 5,865,825.98 Continaent Liabilities 10,536.37 26,651 .29 16,167.72
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LIFE INSURANCE CORPORATION OF INDIA STANDALONE REVIEWED RECEIPTS AND PAYMENTS ACCOUNT FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2026 (Rs. in Crore) PARTICULARS For the six months For the six months For the year ended ended Sept. 30, ended Sept. 30, March 31, 2026 2026 2025 (Reviewed) (Reviewed) (Audited) Cash Flows from the operatinq activities : Premium received from policyholders , including advance 278,740 .85 249,323.02 536 ,711.42 receipts Other receipts 208.65 254.45 681 05 Payments to the re-insurers , net of commissions and claims/ (68.19) (71 .17) (1 90 00) Benefits Payments of claims/benefits (257,349 .21) (203 ,69819) (494 ,744 89 Payments of commission and brokeraqe (10,597 75) (10,600 29) (24,434 .33) Payments of other operatinq expenses (20,08829 ) (16,682 891 (33,608.35) Deposits , advances and staff loans 164.85 (46.521 (325.41 Income taxes paid (Net) (4,543.17 (3,649.60' (5,261 .13 Service tax/ GST paid (2,749 60 (1 ,26920 1 (4,226 06 Cash flows before extraordinary items (16281.86 13,559.61 (25,397.70 Cash flow from extraordinarv operations (qive break-up) - - - Net cash flow from operatinq activities (16,281.86) 13,559.61 (25,397.70) Cash flows from investinq activities : Purchase of fixed assets (68.03 (405 21) (1, 113.43) Proceeds from sale of fixed assets 17.51 24.79 146.31 Purchases of investments (314 ,99823 ) (317,451 .71) (598 ,274.11) Loans disbursed (Net of Repayments) 689 .64 (2,609 .56) (1 ,546 55) Sales of investments 183,101.08 156,602 .17 328 ,090.32 Rents/Interests / Dividends received 173,174.82 163,572.43 334 ,263.33 Investments in money market instruments and in liquid mutual (21 ,259 .18) (20,361 98) (26,539.46) funds(net) Expenses related to investments (1079) (9.02) (31.29' Net cash flow from in vestinq activities 20,646.82 (20,638.09) 34,995.12 Cash flows from financinq activities: Repayments of borrowinq - - - Interest/dividends paid (12,648 .88' (7,590 .01) (7,589.35' Net cash flow from financing activities (12,648 88) (7,590 01) (7,589 35' Effect of foreign exchange rates on cash and cash equivalents , 37.47 454 .32 702.27 net Net increase in cash and cash equivalents : (8,246.45) (14,214 17) 2,710.34 Cash and cash equivalents at the beqinninq of the period 65,034 .04 62,323 .70 62,323.70 Cash and cash eauivalents at the end of the period 56,787.59 48,109.53 65,034.04 Note: Components of Cash and Cash Eauivalent at the end of the period Cash and cheques in hand 85.98 . 92.68 4,053 01 Bank Balances • 8,647.02 9,677 .70 19,935.00 Fixed Deposits 36,071 .88 25,851.29 32,377.98 Money Market Instruments 11 ,982 .71 12,487 .86 8,668.05 Total Cash and Cash Equivalents 56,787.59 48,109.53 65 034.04 The above Receipts and payments account has been prepared as prescribed by Insurance Regulatory and Development Authority of India (Actuarial , Finance and Investment Functions of Insurers) Regulations . 2024 under the "Direct method" in accordance with Accounting Standard 3 Cash Flow Statements . • Bank Balances also include balances pertaining to linked business classified as Investments .
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LIFE INSURANCE CORPORATION OF INDIA Reviewed Standalone Segment wise Revenue , Results and Capital Employed for the quarter and six months ended September 30, 2026 (Rs. in Crore) SI. Particulars Three months ended/As at Six months ended/As at Year ended/As at No. Sept. 30, 2026 • June 30,2026 Sept. 30, 2025 • Sept. 30, 2026 Sept. 30, 2025 March 31 , 2026 Reviewed Reviewed Reviewed Reviewed Reviewed Audited 1 Segment Income : Al Policvholders : l(al Se<1ment A: Life Participatin<1 Net Premium 67,933.75 62,613 .46 65,998.39 130,547.21 127,929.69 283, 156.44 Income from lnvestments 2 74,004.00 62,223.47 72,256.49 136,227.47 132,530.92 266,241 .32 Transfer of Funds from shareholders' account 597.71 599.48 597.70 1,197.19 1,195.38 2,403 .46 Other Income 41 .23 587.58 42.30 628.81 78.72 2,372.25 (b) Segment B: Pension Participating Net Premium 57.57 49.40 64.24 106.97 123.92 319.38 Income from lnvestments 2 793.02 790.77 774.40 1,583.79 1,553.67 3,295.69 Transfer of Funds from shareholders' account 4.80 4.81 4.80 9.61 9.61 19.22 Other Income - - (0.02) - 10.02) (002 (c) Segment C: Annuity Participating Net Premium 0.25 0.37 0.31 0.62 0.76 1.67 Income from lnvestments 2 93.49 95.38 92.09 188.87 182.04 368.32 Transfer of Funds from shareholders' account - - - - - - Other Income - - - - - (d) Segment 0 : Life Non Participating Net Premium 35,271 .73 29,809.37 27,861.44 65,081.10 47,503.55 106,880.17 Income from lnvestments 2 20,817.22 21 ,779.03 17,984.82 42,596.25 36,517.66 82,458.63 Transfer of Funds from shareholders' account - - - - - - Other Income 51 .98 10.89 53.33 62.87 110.89 275.92 l!el Seqment E: Pens ion Non Participatinq Net Premium 31 ,517.58 25,763.23 22,882.29 57,280.81 53,079.82 106,654.25 Income from lnvestments 2 18,604.89 17,425 .65 18,1 97.42 36,030.54 35,580.35 67,336.95 Transfer of Funds from shareholders' account - - - - - - Other Income 38.84 36.96 38.95 75.80 75.37 152.50 (f) Segment F: Annu ity Non Partici pating Net Premium 4,609.95 3,187.62 3,862.07 7,797.57 7,322.69 15,825.84 Income from lnvestm ents2 3,249.90 3,209.88 3,020.71 6,459.78 6,004.77 12,647.19 Transfer of Funds from shareholders' account - - - - - - Other Income (0.20) 0.01 10.20 10.05) (0 15) (g) Segment G: Variable Non Participating Net Premium 0.26 0.16 0.86 0.42 1.48 2.58 Income from lnvestments 2 0.06 0.20 1.94 0.26 3.88 7.76 Transfer of Funds from shareholders' account 3.06 6.62 70.44\ 9.68 - 12.81 Other Income - - <0.03) - 10.06 (0.05 (h) Segment H: Health Non Participating Net Premium 38.38 23.82 44.01 62.20 70.83 171 .64 Income from lnvestments 2 15.20 18.72 16.09 33.92 31 .87 64.63 Transfer of Funds from shareholders' account - - - - - - Other Income - - - - <0.02) (0.01) (i) Segment !:Linked Life Non Participating Net Premium 7,056.44 5,345.27 5, 199.44 12,401 . 71 8,695.19 20,834.73 Income from lnvestments 2 12,054.39) 3, 138.49 (108.68) 1,084.10 2,504.92 (283.55) Transfer of Funds from shareholders' account - - 250.98 - 250.98 361 .50 Other Income (0.30) (0.30) 10.31) (0.60) 10.51) (1 .07) U) Segment J : Linked Pension Non Net Premium 522.87 448.93 529.63 971 .80 906.04 2, 103.27 Income from lnvestme nts2 (337.94) 603.81 146.59) 265.87 573.88 (4.73) Transfer of Funds from shareholders' account - - - - - - Other Income - - - - - - (k) Segment K: Link ed Health Non Net Premium 9.35 8.72 36.52 18.07 45.54 33.40 Income from lnvestments 2 (24.30) 61 .07 (0.54) 36.77 70.68 35.63 Transfer of Funds from shareholders' account - - - - - - Other Income - - - - - - (k) Segment L: Capital Redemption and Annuitv Certain (CRAC) Net Premium 0.05 0.06 0.06 0.11 0.14 0.85 Income from lnvestments 2 2.79 2.38 3.41 5.17 8.68 15.36 Transfer of Funds from shareholders' account - - - - - - Other Income - - - - - -
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SI. Part icul ars Three months ended/As at No. Sept. 30 , 2026 • June 30,2026 Reviewed Reviewed BJ Sharehold ers: Income from lnvestments 2 2,834.41 2,540.96 Other Income 0.05 - 2 Segme nt Surplus/ Deficit (net of tran sfer fro m shareholde rs' Ale) : (a) Segment A: Life Participating 12.72 25.45 (b) Segment B: Pension Participating 107.39 50.51 (c) Segment C: Annuity Participating (13.25) 52.19 (d) Segment D:Life Non Participating 9,768.46 11 ,415.48 (e) Segment E: Pension Non Participating 527.30 207.66 (f) Segment F: Annuity Non Participating 199.39 352.56 (g) Segment G: Variable Non Participating (3.06' (6.62) (h) Segment H: Health Non Participating 17.14 40 06 (i) Segment I: Linked Life Non Participating (21.61' 77.53 U) Segment J :Linked Pension Non Participating 13.24 31 .94 (k) Segment K: Linked Health Non Participating 8.19 12.47 (I) Segment L: Capital Redemption and Annuity 4.74 8.86 Certain (CRAG) 3 Segment Assets: (a) Segment A:Life Participating 3,737,982.79 3,691 ,039.06 (b) Segment B: Pension Participating 42,949.00 42,632.95 (c) Segment C: Annuity Participating 5,519 .76 5,516.57 (d) Segment D: Life Non Participating 940,671 .80 964,571 .83 (e) Segment E: Pension Non Participating 923,613.30 913, 170.06 (f) Segment F: Annuity Non Participating 191 ,080.28 187,515.45 (g) Segment G:Variable Non Participating 22.62 23.73 (h) Segment H: Health Non Participating 510.93 514.19 (i) Segment !:Linked Life Non Participating 60,455 .88 57,879.03 U) Segment J :Linked Pension Non Participating 9,621 .87 9,858 .76 (k) Segment K:Linked Health Non Participating 1,857.21 1,914.90 (I) Segment L:Capital Redemption and Annuity 80.66 89.33 Certain (CRAC) TOTAL 5, 914,366.10 5 874,725.86 Shareholders 178,674.45 178,641.06 GRAND TOTAL 6,093 040.55 6,053,366.92 4 # Segment Policy Liabili ties: (a) Segment A: Life Participating 3,738,829.35 3,691 ,838.76 (b) Segment B: Pension Participating 42,949.00 42,632.95 (c) Segment C: Annunity Participating 5,519.76 5,516.57 (d) Segment D: Life Non Participating 930,903.35 953,156.35 ( e) Segment E: Pension Non Participating 923,086.00 912,962.40 (f) Segment F: Annuity Non Participating 190,880 .89 187,162.89 (g) Segment G: Variable Non Participating 25.68 30.35 (h) Segment H: Health Non Participating 493.79 474.13 (i) Segment I : Linked Life Non Participating 60,477.49 57,801 .50 U) Segment J :Linked Pension Non Participating 9,608 .63 9,826.82 (k) Segment K: Linked Health Non Participating 1,849.02 1,902.43 (I) Segment L: Capital Redemption and Annuity 75.92 80.47 Certain (CRAG) TOTAL 5 904,698.88 5,863,385.62 Shareholders 188,341 .67 189,981.30 GRAND TOTAL 6,093,040.55 6,053,366.92 • Refer Note no. 12 of SEBI LODR Notes to Standalone and Consolidated F1nanc1al Results Footnotes: 1 Segments include: a. Linked Policies: (i) Life (ii) General Annuity and Pension (iii) Health b. Non-Linked 1. Non-Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable 2. Participating Policies : (i) Life (ii) General Annuity and Pension 2 Net of Provisions for diminution in value of investme nts # Segment Policy Liabilities is the Total Liablities Sept. 30, 2025 • Reviewed 2,029.04 - (30.54) 58.71 11 .78 8,638 .60 746.65 (67.42) 0.66 53.67 (251 .15) 6.37 30.95 4.74 3,558,381.48 42,089.49 5,471 .51 955,552 .32 889,805.10 176,679.80 108.14 534.74 45,915.51 9,318.54 2,025.25 135.41 5,686,01 7.29 133,498.97 5,819 516.26 3,560,238.57 42,089.49 5,471 .51 946,913.71 889,058.45 176,747.22 107.48 481 .07 46,166.66 9,312.16 1,994.30 130.67 5,678, 71 1.29 140,804.97 5 819 516.26 (Rs. in Cror e) Six months ended/As at Year ende d/As at Sept. 30, 2026 Sept. 30, 2025 March 31, 2026 Revi ewed Reviewed Audite d 5,375.37 3,818.4 1 8,421 .06 0.05 - - 38.17 85.09 7,286.71 157.90 70.08 590.18 38.94 29.00 121 .82 21 ,183.94 18,880.88 43,305.46 734.96 901 .51 2,845.04 551.95 249.90 1,162.52 (9.68) 0.22 (12.81) 57.20 98.01 154.76 55.92 (250.98) (361.50) 45.18 29.98 4008 20.66 38.76 18.95 13.60 6.02 32.47 3,737,982.79 3,558,381.48 3,579,204.38 42,949.00 42,089.49 42,417.94 5,519.76 5,471 .51 5,504.47 940,671 .80 955,552.32 938,631 .36 923,613.30 889,805.10 900",204.86 191,080.28 176,679.80 183,4 72.42 22.62 108.14 19.72 510.93 534.74 534.44 60,455.88 45,915.51 51 ,292.00 9,621 .87 9,318.54 9,168.23 1,857.21 2,025.25 1,855.54 80.66 135.41 11 4.66 5,914,366.1 0 5 ,686,017.29 5 712,420.02 178,674.45 133,498.97 153,405.96 6,093,040.55 5 ,819,516.26 5,865,825.98 3,738,829.35 3,560,238 .57 3,572,795.17 42,949.00 42,089.49 42,402 .24 5,519 .76 5,471 .51 5,504.38 930,903.35 946,913.71 925,464.15 923,086.00 889,058.45 898,215.37 190,880.89 176,747.22 183,031 .10 25.68 107.48 32.92 493 .79 481 .07 493 .61 60,477.49 46,166.66 51 ,384.92 9,608 .63 9,312.16 9,171 .70 1,849.02 1,994.30 1,882.01 75.92 130.67 92.03 5,904,698.88 5,678,711.29 5,690,469.60 188,341.67 140,804.97 175,356.38 6 093 040.55 5,819 516.26 5,865,825.98
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V. Sankar Aiyar & Co. Chartered Accountants A-601, Mangalya Building, Off. Marci Marashi Road, Andheri (E) Mumbai - 400 059 Mukund M Chitale & Co. Chartered Accountants 2nd floor, Kapur House, Paranjape Scheme B, Road No. 1, Vile Parle (East}, Mumbai - 400 057 Independent Auditors' Limited Review Report on Unaudited Consolidated Financial Results of LIFE INSURANCE CORPORATION OF INDIA for the quarter and half year ended September 30, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, read with IRDAI Circular reference: IRDAI/ F&I/ REG/ CIR/ 208/ 10/ 2016 dated October 25, 2016. To The Board of Directors of Life Insurance Corporation of India 1. We have reviewed the accompanying statement of unaudited consolidated financial results of Life Insurance Corporation of India ("the Corporation") ("the Parent") and its subsidiaries and associates (the parent and its subsidiaries hereinafter referred to as the "Group") for the quarter and half year ended September 30, 2026, ("the Statement"), being submitted by the Corporation pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and the Insurance Regulatory and Development Authority of India ("IRDAI'') Circular reference: IRDAI /F&I I REG/ CIR/ 208 /10/ 2016 dated October 25, 2016. 2. This Statement is the responsibility of the Parent's Management and approved by the Board of Directors, which has been initialed by us for identification purpose only. The Statement has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard ("AS") 25, "Interim Financial Reporting", issued by the Institute of Chartered Accountants of India (ICAI), including the relevant provisions of the Insurance Act, 1938 (the "Insurance Act"}, the Insurance Regulatory and Development Authority Act, 1999 (the "IRDAI Act"}, the Life Insurance Corporation Act, 1956 (the "LIC Act") and other accounting principles generally accepted in India, to the extent considered relevant and appropriate for the purpose of these financial results and which are not inconsistent with the accounting principles as prescribed in the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 (the "Regulations") as amended from time to time and orders/directions/circulars issued by the IRDAI. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial inforrnation consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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V. Sankar Aiyar & Co. Chartered Accountants Mukund M Chitale & Co. Chartered Accountants 4. The statement includes the results of the following entities: Sr. no. Name of Entity 1. LIC Pension Fund Limited 2. LIC Card Services Limited 3. LIC (International) B.S.C. (c) Bahrain 4. LIC Nepal Limited 5. LIC (Lanka) Limited 6. LIC (Singapore) Pte Ltd. 7. LIC of Bangladesh Limited. 8. LIC Housing Finance Ltd. 9. LIC HFL Asset Management Company Limited Ltd. 10. LIC Mutual Fund Asset Management Ltd. 11 . LIC Mutual Fund Trustee Private Limited 12. IDBI Bank Limited 13. IDBI Trusteeship Services Limited Relationship Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Associate Associate Associat e Associate Associate 5. Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying statement prepared in accordance with the applicable accounting standard , accounting and presentation principles as prescribed in the relevant provisions of the Insurance Act, the IRDAI Act, the LIC Act and IRDAl (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 (the "Regulations" ); orders/directions/circulars issued by the IRDAI, to the extent applicable and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations and read with IRDAI Circular reference: IRDAI /F&I /REG/CIR/ 208 /10/ 2016 dated October 25, 2016 including the manner in which it is to be disclosed, or that it contains any material misstatement. Emphasis of Matters 6. We draw attention to the following notes to the Statement: I. Note No. 7, wherein it is mentioned that pursuant to the Regulatory approval received by the Corporation, an amount of Rs.9,280.37 crore pertaining to additional contribution d ue to increase in family pension is being amortised over 20 quarters commencing from 03 of the FY 2023-24 amounting to Rs.464.02 crore per quarter. Accordingly, an amount of Rs.464.02 crore and Rs. 928.04 crore has been charged to Consolidated Revenue Account for the quarter and half year ended September 30, 2026, respectively. The balance amount of Rs.3,712.13 crore shall be amortised over the subsequent quarters upto 02 of the FY 2028-29. II. Note No.8, wherein it is mentioned that pursuant to Regulatory approval received b y t he Corporation, an amount of Rs.7,230.09 crores in Par segment pertaining to excess Expenses of Management for the FY 2022-23 shall be replenished from Shareholders' account in equal annual instalments not exceeding three, commencing from 01 of the FY 2024-2025. Accordingly , an amount of Rs. 602.51 crore and Rs. 1,205.02 crore has been replenished from the Shareholders ' account for the quarter and half year ended Septembe r 3 0, 2026, respectively. The balance amount of Rs.1,205.02 crore shall be replenished from Shareholders' account over the subsequent quarters upto 04 of the FY 2026-27. Ill. Note No. 9, wherein it is mentioned that pursuant to Regulatory approval received by the Corporation , an amount of Rs. 5,477.10 crore towards additional pension liability pertaining to Par segment is being charged to the Shareholders account over a period not exceeding three years commenc ing from the FY 2024-2025 . According ly, an amount of Rs 456.42 crore and Rs.912.84 crore has been charged to Shareholders ' account for the quarter and half year ended ~ ~~-~~ ~@S)~.CHIT,4l~rf ~ 'J)\. ~ 'o ~~, t~l i Mf BAI ; 2 -~~ \'.) // % ~'<!(' . ,-:,, 'll:RED ~~8}1 1 ,;_: ~Ira, ,.r}jttS -~-
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V. Sankar Aiyar & Co. Chartered Accountants Mukund M Chitale & Co. Chartered Accountants September 30, 2026, respectively. The balance amount of Rs.912.85 crore shall be charged to Shareholders' account over the subsequent quarters upto Q4 of the FY 2026-27. Our conclusion is not modified in respect of the above matters. Other Matters 7. The actuarial valuation of liabilities for life policies in force is the responsibility of the Corporation's Appointed Actuary (the "Appointed Actuary"). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at September 30, 2026 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with the Authority. We have relied upon the Appointed Actuary's certificate in this regard during our review of the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists, as contained in the Statement. 8. The Statement includes results of 7 subsidiaries certified by their respective management, which have not been subject to review, whose interim financial results reflects total assets of Rs. 23,473.76 crores, total revenue of Rs. 801 .06 crore and Rs. 1,577.18 crores and profiU(loss) after tax of Rs. 41 .05 crore and Rs. 135.40 crores for the quarter and half year ended September 30, 2026, respectively and net cash inflows/outflows/outflows) of Rs.424.88 crore for the half year ended then. According to the information and explanations given to us by the Management, these financial results are not material to the Group. 9. The Statement includes results of 3 associates, which have not been reviewed by us, whose interim financial results reflect share in profit of Rs. 1,649.13 crore and Rs. 3,259.84 crore for the quarter and half year ended September 30, 2026 respectively. These financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these associates is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. 10. The Statement includes results of 3 associates, certified by their respective management, which have not been subject to review, whose interim financial results reflect share of profit of Rs. 7.25 crores and Rs. 9.13 crores for the quarter and half year September 30, 2026, respectively. According to the information and explanations given to us by the Management, these financial results are not material to the Group. Our conclusion is not modified in respect of the above matters. L V Saptharishi Partner Membership No.: 127055 UDIN: 26127055TEEAEE5324 Place: Mumbai Dated: 051h November, 2026 3 For Mis Mukund M Chitale & Co. Chartered Accountants FRN: 1 Partner Membership No.: 135775 UDIN:26135775BGVZXS5268
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LIFE IN SURANCE CORPORATION OF IND IA Reviewed Consolidated Financial Results for the quarter and six months ended September 30 , 2026 (Rs. in Crore1 Three months ended I As at Six months ended I As at Year ended/As at SI. No. Particulars Sept 30, 2026• June 30, 2026 Sept 30, 2025• Sept 30, 2026 Sept 30, 2025 March 31 , 2026 Reviewed Reviewed Reviewed Reviewed Reviewed Audited POLICYHOLDERS ' A/C 1 Gross premium income I (a) First Year Premium 10 483 .85 9 257.46 10,884.48 19 741 .31 18,450.46 42 .107.92 (b) Renewal Premium 68 .717.96 62 ,129.26 65 320.48 1 30 847.22 1,25,499 .89 2,77 ,350.43 (c) Single Premium 68 ,425 .31 56 409 .42 50,882 .30 1.24 .834.73 1,02,890 .78 2.18,920 .15 2 Net premium income 1 1.47433 .15 1 27 623 .16 1.26.930.04 2 75 056 .31 2,46,548.45 5 37,603 .79 3 Income from investments fNetl 2 1,15,033.85 1,09 ,685 .30 1.12,528.25 2.24 719 .15 2, 15. 780 .24 4 31 573.57 4 Other income 135.47 638 .30 136.10 773.77 267.81 2 807.49 5 Transfer of funds from Shareholders' Nc3 605 .57 610 .91 860.07 1 216.48 1,463 .00 2.812.75 6 Total (2 to 5) 2,63,208 .04 2 38 557.67 2,40,454.46 5,01 ,765.71 4,64,059.50 9,74,797 .60 7 Commission on (a) First Year Premium 2.357.67 1 920.13 2 203 .74 4 277 .80 3,957 81 9 368.64 (b) Renewal Premium 3 461 .24 3 007.01 3,398.33 6 468.25 6,496 .79 14 240 .56 (c) Single Premium 270.69 134.50 203 .96 405 .19 328.74 954 .71 8 Net Commission 1 6,089 .30 5,061 .56 5,807.35 11 150.86 10,782 .65 24,555.55 9 Operating Expenses related to insurance business (a + b): (a) Employees remuneration and welfare expenses 5,847.42 6,048.30 7,522.17 11 ,895.72 13,208 .00 27,938 .34 (b) Other operating expenses 3 206 .66 2,494 .65 1,978 .83 5,701 .31 3,875.97 11,714 .85 10 Expenses of Management (8+9) 15, 143.38 13,604 .51 15,308 .35 28 ,747 .89 27,866.62 64,208 .74 11 Provisions for doubtful debts (including bad debts written off) 1219.46\ 1 565.68 1156.66 1785.14 1182 .79 (811 .36' 12 Provisions for diminution in value of investments/ Debentures & (173.33) (1 .82) (250.17) (175.15) (612 .58) (783 .14) Bonds 13 Goods and Service tax charge on linked charges - - 81 .82 - 125.4 5 148.76 14 Provision for taxes 1 163.03 1,626 .04 1 42 1.93 2,789 .07 3,038.20 (4,048.40 ) 15 Benefits Paid '(Net) 1 1,34 761 .92 1,21,911.47 1 06,976 .67 2,56,673 .39 2,04,527 .59 4,98,514.85 16 Change in actuarial liability 1 02 153.77 89,633 .24 1 07 569.06 1,91 ,787 .01 2,08,918.41 3,63 ,510.48 17 Total (1 0+11+12+13+14+15+16) 2,52,829 .31 2,26,207 .76 2,30,9 51 .00 4,79 ,037 .07 4,43 ,680. 90 9,20 ,739 .93 18 Surplus/Deficit (6-17) 10,378.73 12 349.91 9,503.46 22,728 .64 20,378.60 54,057 .67 Add: Share of Profit in Associates 1 655 .76 1,612 .60 1 084.49 3,268 .36 2,431 .53 7,009 .31 (Less)/Add: Minority Interest 12.39) (2.44) 12.56 (4.83) (4.40) (28 .23 ) Surplus/Defic it after Share of Profit of Associates and 12,032 .10 13,960 .07 10,585.39 25,992 .17 22,805 .73 61 ,038 .75 Minoritv Interest 19 Appropri ations (a) Transferred to Shareholders Ne 3 10 526.67 12,209 .17 9,454 .34 22,735 .84 20, 191.88 54,057.13 lb) Funds for Future Aoorooriations 106.86 128.15 39.95 235 .01 184 .17 1,368.23 (c) Transferred to Other Reserve 1,398.57 1,622.7 5 1 091 .10 3,021 .32 2,429 .68 5,613 .39 20 Details of Surolus I Deficit I la) Interim bonus oaid 1 215 .37 928.42 1,137.54 2 143.79 2,012 .80 8 356.71 I lb) Allocation of bonus to oolicvholders5 - - - - 59,725 .53 I (c) Suro1us shown in the Revenue Account 12 032.10 13,960.07 10,585.39 25 ,992 .17 22,805.73 61 038.75 Total surolus 13 247.47 14,888.49 11 ,722 .93 28 ,135 .96 24 818.53 1,29 120.99 SHAREHOLDERS ' AIC 21 Transfer from Policvholders' Account 3 10,526.67 12,209 .17 9,454 .34 22,735 .84 20, 191.88 54,057.13 22 Total income under Shareholders' Account Ila) Investments Income 1Netl2 2 854 .69 2 557.24 2,066 .00 5 411 .93 3 867 .09 8,594 .72 I lb) Other income 54.73 51 .54 48 .14 106.27 93.03 191.31 23 Expenses other than those related to insurance business 652.27 517 .77 983.43 1, 170.04 1,523 .36 2,530.70 24 Transfer of funds to Policvholders' Ne 3 605.57 610 .91 403.64 1,216.48 1,463 .00 2,812 .75 25 Provisions for doubtful debts (including write off) (0.26) (0.05) (0.48) (0.31) (0.91) (0.88) 26 Provisions for diminution in value of investments/Debentures & 3.95 2.93 (19.79) 6.88 (20.90) (23.29) Bonds 27 ProfiU (loss) before tax 12, 174.56 13,686 .39 10,201 .68 25,8 60 .95 21 , 187.45 57,523.88 28 Provisions for tax 59.78 102.14 103.20 161.92 131.92 70.73 29 Profit I (loss) after tax and before Extraordinary Items 12,11 4.78 13,584 .25 10,098.48 25,699 .03 21 ,055 .53 57,453 .15 30 Extraordinary Items (Net of tax exoenses) (if annlicable) - - - - - 31 ProfiV floss\ after tax and Extraordinarv Items 12,114.78 13 584 .25 10 098.48 25 699 .03 21 ,055.53 57 453 .15 32 Dividend oer share I Rs.): (a) Interim Dividend - - - - - (b) Final Dividend (Refer Point No. 6 of the Notes) - - - - - 10.00 33 ProfiVILoss) carried to Balance Sheet6 1,76,721 .36 1,77 ,262.08 1,33,620.83 1,76,721 .36 1,33,620 .83 1,70,003 .11 34 Paid uo eauitv share caoital (Refer Point No. 5 of the Notes\ 12,650 .00 12,650 .00 6,325.00 12,650 .00 6,325.00 6,325 .00 35 Reserve & Surplus (excluding Revaluation Reserve) 1,77,986 .21 1 78 489 .95 1,34, 730.42 1,77 986 .21 1,34, 730.42 1,71 ,230 .89 36 Fair Value Change Account and Revaluation Reserve I !Shareholders\ (893 .66) 181.05 877 .52 (893 .66) 877 .52 (950.55)
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Three months ended I As at SI. No. Particulars Sept 30, 2026* Reviewed 37 Total Assets : (a) Investments: - Shareholders' 1,73 ,714.49 - Policyholders Fund excluding Linked Assets 55,62 ,575 .38 - Assets held to cover Linked Liabilities 71 ,748 .86 (b) Other Assets (Net of current liabilities and provisions) 3,31 ,952.47 38 Analvt ica l Ratios 7 : (i) Solvency Ratio 2.35 (ii) Expenses of Management Ratio 10.26% (iii) Policyholder's liabilities to shareholders" fund 31 .31 (iv) Earnings per share (Rs.): a) Basic and diluted EPS before extraordinary items (net of 9.58 tax expense) for the period (not annualized ror three/ six months) b) Basic and diluted EPS after extraordinary items (net of 9.58 tax expense) for the period (not annualize~ for three/ six months) (v) NPA ratios: (for policyholders" fund) a) Gross NPAs 6,920 .65 Net NPAs 5.87 b) % or Gross NPAs 1.16% % of Net NPAs 0.00% !(vi) Yield on Investments (an oolicvholders' fund)8 A. Without unrealised gains 9.04% B. With unrealised gains 4.10% (vii) NPA ratios: (far shareholders" fund) a) Gross NPAs 0.00 Net NPAs 0.00 b) % of Gross NPAs 0.00 % % of Net NPAs · 0.00% I (viii) Yield an Investments (on shareholders' fund)8 A. Without unrealised gains 6.46 % B. With unrealised gains 4.02% l(ix) Persistencv Ratio9 For 13th month 67 .67% For 25th month 63 .01 % For 37th month 58.81 % For 49th month 58 .34% For 61st month 55.50% lxl Conservation Ratio Life Participating 93.22% Pension Participating 89 .62% Annuity Participating 77.44 % Life Nan Participating 64 .58% Pension Non Participating 18.08% Annuity Non Participating 95 .84% Variable Non Participating 29.42 % Health Non Participating 92 .52% Linked Life Nan Participating 107.58% Linked Pension Nan Participating 95.53% Linked Health Non Participating 91 .39% Capita l Redemption Annuity Certain-Non Par 85.46 % (xi) Percentage of shares held by Government of India (in case 90 .00% of oublic sector insurance comoanies ) • Refer Note No. 12 of SEBI LODR Notes to Standalone and Consolidated Financial Results Foot Notes : 1 Net of reinsurance 2 Net of amortisation and losses (including capital gains) 3 It includes contribution by Shareholder towards net deficit in segment , if any. 4 Inclusive of interim bonus. 5 Allocation of bonus to Policyholder is done at the year end. 6 ProfiV(Lass) carried to Balance Sheet after appropriations. June 30, 2026 Sept 30, 2025* Reviewed Reviewed 1,73 ,333 .10 1,27 ,375 .56 55,30,393 .04 53,87 ,072 .10 69,374 .81 57, 178.43 3.25 ,750 .22 2,89 ,219 .90 2.42 2.13 10.65% 12.05% 30 .83 40 .21 10.74 7.98 10.74 7 .98 7,168 .08 8,048 .98 4.92 3.94 1.21 % 1.34% 0.00% 0.00% 8.28% 9.33% 15.04% 2.07% 0.00 0.00 0.00 0.00 0.00% 0.00% 0.00 % 0.00% 6.21% 6.45 % 8.98% 6.50% 70.38% 68 .19% 65.95% 62 .63% 62.63% 61 .29% 61 .79% 58 .01 % 61 .27% 55 .12% 92 .12% 91 .25% 82.77% 88.46 % 83.99% 91 .10% 67 .12% 55.41 % 56.01% 57.16% 95.46 % 94 .19% 26 .65% 88.42 % 92 .53% 86 .83% 118.58% 82 .56% 105.75% 78 .33% 92 .50% 88 .85% 71 .08% 113 .81 % 96 .50% 96 .50% (Rs. in Crore) Six months ended I As at Year ended/As at Sept 30, 2026 Sept 30, 2025 March 31 , 2026 Reviewed Reviewe d Audited 1,73 ,714.49 1,27 ,375 .56 1,49 ,839 .14 55.62 ,575 .38 53,87 ,072 .10 53 .68,329 .26 71 ,748 .86 57 ,178 .43 62, 187 .78 3,31 ,952.47 2,89,219 .90 3,29 , 175 .07 2.35 2.13 2.35 10.44 % 11 .29% 11 .93% 31 .31 40.21 32.41 20 .32 16.64 45.42 20 .32 16.64 45.42 6,920 .65 8,048 .98 7,205 .20 5.87 3.94 4 .34 1.16% 1.34% 1.21 % 0.00% 0.00% 0.00% 8.67% 8.90% 8.92% 9.53% 9.78% 5.82% 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 % 0.00% 0.00% 0.00% 0.00% 6.54% 6.48% 6.61 % 6.62% 8.45 % 6.10% 74 .69% 75 .29% 74 .64% 69 .62% 71 .37% 68 .98% 67 .17% 67 .70% 66 .94% 64 .31% 63 .70% 63 .03% 61 .03% 63 .81 % 59.31 % 92 .68% 92 .92% 93.55% 86 .32% 89.72% 88.56% 81 .29% 93 .11% 89 .61 % 65 .55% 61 .59% 65 .07% 26.48 % 51 .72% 63 .08% 95 .73% 92.16 % 95 .58% 28.27% 89 .91% 43 .80% 92.52% 89 .70% 90 .82% 111 .95% 107 .52% 108.93% 99 .81 % 97 .90% 92.33% 91 .94% 89 .88% 87.24% 76 .75% 104.36% 93.42 % 90 .00% 96 .50% 96 .50% 7 Analytical ratios have been calculated as per definition given in IRDAI Analytical ratios disclosures. The ratios calculated in point no (i), (v), (vi), (vii), (viii), (ix), (x) and (xi) pertains to Standalone 8 Yield co Investments is annualized 9 Persistency Ratio- Regular Premium basis (Ca lculated as per revised IRDAI guidelines) Place: Mumbai Date: November 05 . 2026 For and on behalf of the Board of Directors I<. . ~;L~ Ramakrishnan Chander Managing Director
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LIFE INSURANCE CORPORATION OF INDIA CONSOLIDATED BALANCE SHEET AS AT SEPTEMBER 30, 2026 As at Sept As at Sept PARTICULARS 30,2026 30,2025 Reviewed Reviewed SOURCES OF FUNDS SHAREHOLDERS' FUNDS: SHARE CAPITAL 12,650.00 6,325.00 SHARE APPLICATION MONEY PENDING ALLOTMENT - - RESERVES AND SURPLUS 1,77,988.18 1,34,732.39 CREDIT/[DEBIT) FAIR VALUE CHANGE ACCOUNT (895.63) 875.55 MINORITY INTEREST (Shareholders ) 280.14 283.13 Sub-Total 1,90,022.69 1,42,216.07 BORROWINGS - - POLICYHOLDERS' FUNDS: CREDIT/[DEBIT) FAIR VALUE CHANGE ACCOUNT 5,24,939.55 6,68,308.48 HEDGE FLUCTUATION RESERVE (811.49) ( 370.35) POLICY LIABILITIES 52,97,428.82 49,50,503.14 MINORITY INTEREST (Policyholders) 1.08 1.03 FUNDS FOR DISCONTINUED POLICIES : (i) Discontinued on Account of non-payment of premiums 2,135.23 1,124.11 (ii) Others 13.41 13.98 INSURANCE RESERVES 53, 187.43 40,971 .03 PROVISION FOR LINKED LIABILITIES 69,624.41 56,065.92 Sub-Total 59,46,518 .44 57,16,617.34 FUNDS FOR FUTURE APPROPRIATIONS Linked 73.47 55.05 Non-Linked (Non-PAR) - - Non-Linked (PAR) 3,376.60 1,957.53 DEFERRED TAX LIABILITIES (Net) - - TOTAL 61,39,991 .20 58,60,845.99 APPLICATION OF FUNDS INVESTMENTS Shareholders' 1,73,714.49 1,27,375.56 Policyholders ' 55,62,575.38 53,87,072.10 ASSETS HELD TO COVER LINKED LIABILITIES 71 ,748.86 57,178.43 LOANS 1,31 ,320.53 1,31 ,710.80 FIXED ASSETS 4,441.26 4,530.25 DEFERRED TAX ASSETS (Net) 0.43 0.28 CURRENT ASSETS Cash and Bank Balances 64,901 .28 56,383.65 Advances and Other Assets 1,66,317.18 1,47,004.57 Sub-Total (A) 2,31,218.46 2,03,388.22 CURRENT LIABILITIES 35,026.76 35,463.57 PROVISIONS 1.45 14,946.08 Sub-Total (B) 35,028 .21 50,409 .65 NET CURRENT ASSETS (C) = (A - B) 1,96, 190.25 1,52,978.57 MISCELLANEOUS EXPENDITURE (to the extent not written off or adjusted) - - DEBIT BALANCE IN PROFIT & LOSS ACCOUNT (Shareholders ' Account ) - - DEFICIT IN REVENUE ACCOUNT (Policyholders' Account ) - - TOTAL 61,39,991 .20 58,60,845.99 Contingent Liabilities 10,537.39 26,651 .89 (fin Crore) As at March 31,2026 Audited 6,325.00 - 1,71 ,232.86 (952.52) 275.27 1,76,880.61 - 5,02,801.86 (847.21 ) 51 ,1 5,087.53 1.02 · 1,509.77 13.40 50,179.93 60,689.28 57,29,435.58 73.47 - 3,141 .59 - 59,09,531.25 1,49,839.14 53,68,329.26 62,187.78 1,31 ,249.33 4,756.66 0.35 72,013.17 1,60,180.71 2,32, 193.88 39,023.70 1.45 39,025.15 1,93,168.73 - - - 59,09,531.25 16,168.15
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LIFE INSURANCE CORPO RATION OF INDIA CONSOLIDATED RECEIP TS AND PAYMENTS ACCOUNT FOR THE SIX MONTHS ENDED SEPTEM BER 30, 2026 (fin Crore ) For the six For the six months For the Year PARTICULARS months ended ended Sept 30, ended Marc h Sept 30, 2026 2025 31, 2026 Reviewed R eviewed Audited Cash Flows from the operatinq activities: Premium received from policyholders, includinq advance receipts 2,79,650.55 2,50,276 .20 5,38,496. 76 Other receipts 321 .95 350.97 880.46 Payments to the re-insurers , net of commissions and claims/ Benefits (72.75) (77.09) (190.68) Pavments to co-insurers . net of claims I benefit recovery - - - Payments of claims/benefits (2,58,521 .97) (2,04,889.47) (4,97,050.30) Pavments of commission and brokeraqe (1 0,661.09) (10,662.06) (24,551 .29) Preliminary and pre-operative expenses - - - Pavments of other operatinq expenses (20,286 21) (15,228.32) (33,765.82) Deposits , advances and staff loans 162.88 48.74 (243.33 Income taxes (paid) /Refund (4,588.09 (3,802.95) (5,558.65) Service taxi GST paid (2,751 .01 (1 ,270.25) (4,228.63) Cash flows before extraordinary items (16,745 .74) 14,745.77 (26,211.48) Cash flow from extraordinary operations (qive break-up) - - - Net cash flow from operating activities (16,745.74) 14,745.77 (26,211.48) Cash flows from investing activities: Purchase of fixed assets (69.21) (406.87) (1 ,115.78) Proceeds from sale of fixed assets 17.50 24.84 146.49 Purchases of investments (3, 16, 168.26) (3, 18,008.09) (6,00,516.46) Loans disbursed (Net of Repayments) 713.94 (2,566.52) (1,476.48) Sales of investments 1,84,484 .. 12 1,55,455 . 71 3,30,046.56 Rents/Interests/ Dividends received 1,73,644.69 1,64,299.50 3,34,200.75 Investments in money market instruments and in liquid mutual funds (Net) (21 ,259.18) (20,361 .98) (26,539.46) Expenses related to investments (11 .73) (17.14) (37 68) Net cash flow from investinq activities 21,351.87 (21,580.55) 34,707.94 Cash flows from financinq activities: Proceeds from issuance of share capital - - - Proceeds from borrowinq - - - Repayments of borrowinq - - - lnteresUdividends paid (12,648.88) (7,590.01) (7625.55) Net cash flow from financinq activ ities (12,648. 88) (7,590.01) (7,625.55) Effect of foreiqn exchanqe rates on cash and cash equivalents . net 221.18 942.71 1984.71 Net Increase/ (Decrease) in cash and cash equivalents : (7,821.57) (13,482.08) 2,855.62 Cash and cash equivalents at the beqinninq of the vear 72,762.10 69,906.48 69,906.48 Cash and cash equivalents at the end of the vear 64,940.53 56,424 .40 72,762 .10 . Note: Components of Cash and Cash Equivalent at the end of the vear Cash and cheques in hand 86.05 92.83 4,053.08 Bank Balances• 9,145.30 10, 184.05 20,236.47 Fixed Deposits 43,638.92 33,628.28 39,656.57 Monev Market Instruments 12,070.26 12,519.24 8,815.98 Total Cash and Cash Equivalents 64,940.53 56,424.40 72,762.1 0 The above Receipts and payments account has been prepared as prescribed by Insurance Regulatory and Development Authority of India (Actuarial , Finance and Investment Functions of Insurers) Regulations . 2024 under the "Direct method" in accordance with Accounting Standard 3 Cash Flow Statements . •sank Balances also include balance pertaining to linked business classified as investments
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LIFE INSURANCE CORPORATION OF INDIA Reviewed Consolidated Segment wise Revenue , Results and Capita l Employed for the quart er and six months ended Septemb er 30, 2026 SI. No. Particulars 1 Segment Income: A) Poli cyhold ers: al Seament A: Life Particioatina Net Premium Income from lnvestments 2 Transfer of Funds from shareholders' account Olher Income (b) Segme nt B: Pension Partic ipati ng Net Premium Income from lnvestments 2 Transfer of Funds from shareho lders' account Olher Income (c) Segment C: An nuity Participat ing Nel Premium Income from lnvestments 2 Transfer of Funds from shareholders' accounl Olher Income (d) Segment D: Life Non Participating Net Premium Income from lnvestments2 Transfer of Funds from shareholders' account Other Income (e) Segment E: Pensi on Non Part icipa ting Net Premium Income from lnvestments 2 Transfer of Funds from shareholders' account Other Income (f) Segment F: An nuit y Non Partic ipating Net Premium Income from lnvestments 2 Transfer of Funds from shareholders' account Other Income (g) Segment G: Variable Non Participa ting Net Premium Income from lnvestments 2 Transfer of Funds from shareholders' account Other Income (h) Segment H: Health Non Partici pating Net Premium Income from lnvestments 2 Transfer of Funds from share holders' account Other Income (i) Segment I: Linked Life Non Participat ing Net Premium Income from lnvestments 2 Transfer of Funds' from shareholders' account Other Income U) Segment J: Linked Pension Non Participating Net Premium Income from lnvestments 2 Transfer of Funds from shareholders' accounl Other Income k) SeQment K: Linked Health Non Particioatina Net Premium Income from lnvestments 2 Transfer of Funds from shareholders' account Other Income (I) Segment L: Capital Redemption Annu ity Certa in CCRACl Non Particioat ina Net Premium Income from lnveslments 2 Transfer oC Funds CronJ__:;,hareholders' account Otherlncome .-~c ~-IV'~~-. Three months ended/As at Sept 30, 2026 " June 30, 2026 Sept 30, 2025 " Reviewed Reviewed Review ed 68,348.72 62 986.21 66,449 .17 74,037.86 62,548 .66 72,635 .26 597.71 599.48 604.73 44.95 590.95 44.17 57.57 49.40 64.24 793.02 790.77 774.40 4.80 4.81 4.80 (0 02 0.25 0.37 0.31 93.49 95.38 92.09 35,271 .73 29,809.37 27,861.44 20,817 .22 21 ,779.03 17,984.82 51 .98 10.89 53.33 31 ,517.58 25,763.23 22,882.29 18,604.89 17,425 .65 18, 197.42 38.84 36.96 38.95 4,609 .95 3.187.62 3 862.07 3,249.90 3,209.88 3,020.71 (0.20 0.01 0.26 0.16 0.86 0.06 0.20 1.94 3.06 6.62 (0.44) (0.03) 38.38 23.82 44.01 15.20 18.72 16.09 7,056.44 5,345 .27 5, 199.44 (2,054 39) 3,138.49 (108.68) 250.98 (0.30' (0.30) (0.31 522.87 448.93 529.63 (337.94) 603.81 (46.59) 9.35 8.72 36.52 (24.30) 61 .07 (0.54) 0.05 0.06 0.06 2.79 2.38 3.41 {Rs. in Crore) Six months end ed I As at Year ended/As at Sept 30, 2026 Sept30 , 2025 March 31 , 2026 Reviewed Rev iewed Audited 1 31 334.93 1 28 798.49 2 84 776.01 1,36,586.52 1,33,215.99 2,66,071.45 1,197.19 1 202.41 2419 .22 635.90 82.21 2,380.37 106.97 123.92 319.38 1,583.79 1,553.67 3,295.69 9.61 9.61 19.22 (0.02 (0.02 0.62 0.76 1.67 188.87 182.04 368.32 65,081 .10 47 503.55 1 06.880.17 42,596.25 36,517.66 82,458.63 62.87 110.89 275.92 57,280.81 53 079.82 1 06 654.25 36,030 .54 35,580 .35 67,336 .95 75.80 75.37 152.50 7,797.57 7 322.69 15 825.84 6,459.78 6,004.77 12,647.19 (0.20) (0.05 10.15 0.42 1.48 2.58 0.26 3.88 7.76 9.68 12.81 (0.06 (0.05 62.20 70.83 171.64 33.92 31 .87 64.63 (0.02 (0.01 12,401.71 8 695.19 20,834.73 1,084.10 2,504.92 (283.55) 250.98 361 .50 (0.60) (0.51) (1 .07) 971 .80 906.04 2,103.27 265.87 573.88 (4.73 18.07 45.54 33.40 36.77 70.68 35.63 0.11 0.14 0.85 5.17 8.68 15.36 ~~~ j ..,,. ' _J
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Three months ended/As at SI. Particulars Sept 30, 2025• No. Reviewed (B) Shareholders : Income from lnvestments 2 2,851.56 Other Income 54.73 2 Segment Surplus/ Deficit (net of transfer from shareholders ' Alcl : (a) Segment A: Life Participating 1,421 .11 (b) Segment B: Pension Participating 107 .39 (c) Segment C: Annuity Participating (13 .25 (d) Segment D: Life Non Participating 9,768.46 (e) Segment E: Pension Non Participating 527 .30 (f) Segment F: Annuity Non Participating 199 .39 (g) Segment G: Variable Non Participating (3.06 (h) Segment H: Health Non Participating 17. 14 (i) Segment I: Linked Life Non Participating (21.61 U) Segment J : Linked Pension Non Participating 13.24 (k) Segment K: Linked Health Non Participating 8.19 (I) Segment L: Capital Redemption Annuity Certain Non Par 4.74 3 Segment Assets: (a) Segment A: Life Participating 37 ,85,2 48 .1 9 (b) Segment B: Pension Participating 42 ,949 .00 (c) Segment C: Annuity Participating 5519 .76 (d) Segment D: Life Non Participating 9,40 ,671 .80 (e) Segment E: Pension Non Participating 9,23,613 .30 (f) Segment F: Annuity Non Participating 1,91,080 .28 (g) Segment G: Variable Non Participating 22.62 (h) Segment H: Health Non Participating 510 .93 (i) Segment I: Linked Life Non Participating 60,868.45 U) Segment J : Linked Pension Non Participating 9 621 .87 (k) Segment K: Linked Health Non Participating 1,857 .21 (I) Segment L: Capital Redemption Annuity Certain Non Par 80.66 TOTAL 59 62 044.07 (m) Shareholders 177947 .13 GRAND TOTAL 61 39 991 .20 4 #Segment Policy Liabilit ies : (a) Segment A: Life Participating · 37,83,686.09 (b) Segment B: Pension Participating 42 ,949 .00 (c) Segment C: Annuity Participating 5,519 .76 (d) Segment D: Life Non Participating 9,30,903.35 (e) Segment E: Pension Non Participating 9 23 ,086.00 (f) Segment F: Annuity Non Participating 1,90,880.89 (g) Segment G: Variable Non Participating 25 .68 (h) Segment H: Health Non Participating 493 .79 (i) Segment I: Linked Life Non Participating 60 ,890 .38 U) Segment J: Linked Pension Non Participating 9,608 .63 (k) Segment K: Linked Health Non Participating 1 849 .02 (I) Segment L: Capital Redemption Annuity Certain Non Par 75 .92 TOTAL 59 49 968.51 (m) Shareholders 1,90 022 .69 GRAND TOTAL 61 39 991 .20 • Refer Note No. 12 of SEBI LODR Notes to Standalone and Consolidated Financial Results Footnotes : Segments include : a. Linked Policies: (i) Life (ii) General Annuity and Pension (iii) Health b. Non-Linked June 30, 2026 Reviewed 2,554.94 51 .54 1 710.81 50.51 52. 19 11.415.48 207 .66 352 .56 (6.62 40.06 77.53 31.9 4 12.47 8.86 37 36 908 .61 42 632 .95 5,516 .57 9 64 571 .83 9 13 170 .06 1,87 515.45 23.73 514 .19 58 250 .10 9 858 .76 1 914.90 89 .33 59 20 966 .48 1 77 884 .69 60 98 851 .17 37 35 ,334 .33 42 ,632 .95 5,516 .57 9 53 156 .35 9 12,962.40 1,87,162 .89 30.35 474 .13 58,172 .90 9 826 .82 1 902.43 80.47 59 07 252.59 1 91 598 .58 60 98 851.17 1. Non-Participating Policies: (i) Life (ii) General Annuity and Pension (iii) Health (iv) Variable 2. Participatin~ Policies : (i) Life (ii) General Annuity and Pension Net of Provisions for diminution in value of investments # Segment Policy Liabilities is the Total Liabilities Sept 30, 2025• Reviewed 2,030.41 48 .14 1 094 .26 58.71 11 .78 8,638.60 746 .65 (67.42) 0.66 53.67 (251 .15) 6.37 30.95 4.74 36,00,453 .88 42 089 .49 5,471 .51 9,55 ,552.32 8 89,805 .10 1 76 679 .80 108 .14 534 .74 46 ,116. 51 9 318.54 2 025 .25 135.41 57 28 290 .69 1,32 ,555 .30 58 60 845.99 35,99,955.90 42 089.49 5.471 .51 946913 .71 8 89 ,058.45 1 76 747 .22 107.48 481.07 46 367 .96 9 312 .16 ·1,994 .30 130.67 57 18 629 .92 1 42 216 .07 58 60 845.99 (Rs. in Crorel Six months ended I As at Year ended/As at Sept 30, 2026 Sept30 ,2025 March 31 , 2026 Reviewed Revi ewed Audited 5,406 .50 3,833 .29 8,570 .78 106 .27 93.03 191.31 3 131 .92 2,494 .34 12,751 .71 157 .90 70.08 590 .18 38.94 29.00 121 .82 21 183 .94 18,880 .88 43 ,305.46 734 .96 901.51 2 845 .04 551 .95 249 .90 1 162 .52 (9.68) 0.22 (12.81) 57.20 98.01 154 .76 55.92 (250.98) (361 50) 45.18 29.98 40 .08 20.66 38.76 18.95 13.60 6.02 32.47 37 85 ,248. 19 36 00 453 .88 36,23,393 .49 42 ,949.00 42 089.49 42 41 7.94 5,519 .76 5 471 .51 5 504.47 9,40,671.80 9 55 552 .32 9 38,63 1.36 9 23 ,613.3 0 8 89 805 . 10 9 00,20 4.86 1,91 ,080 .28 1,76,679 .80 1 83.472.42 22.62 108. 14 19.72 510 .93 534.74 534.44 60,868.45 46 , 116 .51 51 ,582 .84 9,621.87 9318 .54 9 168.23 1 857 .21 2,025.25 1,855 .54 80.66 135.41 114.66 59 62 044 .07 57 28 290.69 57 56 899.97 1,77,947 . 13 1,32,5 55.30 1,52,631 .28 61 39 991 .20 58 60 845 .99 59 09 531 .25 37,83,686 .09 35 99,955 .90 36 14 685 .06 42 ,949 .00 42 089.49 42 402 .24 5,519 .76 5 471.51 5,504.38 9,30,903 .35 9,46 913 .71 9,25.464 . 15 9,23,086.00 8,89 ,058.45 8 98 215 .37 1 90 880 .89 1 76 ,747 .22 1,83,031 .10 25.68 107.48 32.92 493.79 481 .07 493 .61 60 890 .38 46,367 .96 51 676 .07 9,608 .63 9,312 . 16 9 171 .70 1,849 .02 1 994 .30 1,882 .01 75.92 130.67 92.03 59 49 968 .51 57 18 629.92 57 32 650 .64 1,90,022.69 1.42,216 .07 1 76 ,880 .61 61 39 991 .20 58 60 845.99 59 09 531.25
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Notes to Standalone and Consolidated Financial Results: 1. The above reviewed standalone and consolidated financial results of Life Insurance Corporation of India ("Corporation ") for the quarter and six months ended September 30, 2026 ("Financial Results") have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their respective meetings held on November 05, 2026. 2. These financial results have been prepared in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended, to the extent applicable , and IRDAI circular IRDA/F&I/REG/CIR/208/10/2016 dated October 25, 2016 on publication of financial results for listed life insurance companies and have been reviewed by both the Auditors of the Corporation . 3. In view of seasonality of the industry, the financial results for the interim period are not necessarily indicative of the results that may be expected of any other interim periods or full year. 4. In accordance with requirements of IRDAI circular on 'Public Disclosures by Insurers ' dated September 30, 2021, the Corporation shall publish the standalone financials on its website within the due date. 5. The Board of Directors , in its meeting held on April 13, 2026, approved the issuance of bonus shares, in the proportion of 1: 1, i.e., 1 (one) bonus equity share of Rs. 10/- each for every 1 (one) fully paid-up equity share of Rs. 10/- each held by the Members as on the record date. Pursuant to the approval of the shareholders , the Corporation allotted 632,49 ,97,701 bonus equity shares on June 1, 2026. Consequently , the paid-up equity share capital of the Corporation increased from Rs. 6,325 crore comprising 6,32,49 ,97,701 equity shares to Rs. 12,650 crore comprising 1264,99,95,402 equity shares . Pursuant to the allotment of bonus equity shares , the basic and diluted earnings per share (EPS) for the comparative periods have been restated in accordance with AS 20 - Earnings per Share , as if the bonus issue had been in effect from the beginning of the earliest period presented . 6. The Board of Directors, in its meeting held on May 21 ,2026 , had recommended a final dividend of Rs. 10 /- per equity share of Rs.10 /- each for the Financial Year 2025-26 after considering the Bonus Shares issue. The dividend was approved by the shareholders at the Annual General Meeting held on July 27, 2026 and paid on July 29, 2026. 7. Pursuant to Regulatory approval received by the Corporation , an amount of Rs.9,280.37 crore pertaining to additional contribution due to increase in family pension is being amortised over 20 quarters commencing from 03 of the FY 2023-24 amounting to Rs.464 .02 crore per quarter. An amount of Rs.464.02 crore and Rs.928.04 crore have been charged to Revenue Account for the quarter and six months ended September 30, 2026 respectively . The balance amount of Rs.3,712.13 crore as on September 30, 2026 , shall be amortised over the subsequent quarters upto 02 of the FY 2028-29 . 8. Pursuant to Regulatory approval received by the Corporation, an amount of Rs.7,230.09 crore in Par segment pertaining to excess Expenses of Management for the FY 2022-23 is being replenished from Shareholders ' account in equal annual instalments not exceeding three , 1G)1 l\Llt \~~rt~~~~- ~~
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commencing from 01 of the FY 2024-2025 . Accordingly , an amount of Rs.602 .51 crore and Rs.1,205.02 crore have been replenished from the Shareholders ' account for the quarter and six months ended September 30, 2026 respectively. The balance amount of Rs.1,205.02 crore shall be replenished from Shareholders ' account over the subsequent quarters upto 04 of the FY 2026-27 . 9. Pursuant to Regulatory approval received by the Corporation , an amount of Rs.5,477.10 crore towards additional pension liability pertaining to Par segment is being charged to the Shareholders account over a period not exceeding three years commencing from the FY 2024-2025 . Accordingly , an amount of Rs.456.42 crore and Rs.912.84 crore have been charged to Shareholders ' account for the quarter and six months ended September 30, 2026 respectively . The balance amount of Rs.912.85 crore shall be charged to Share holders' account over the subsequent quarters upto 04 of the FY 2026-27 . 10. IRDAI has. vide IRDAI (Actuarial. Finance and Investment Functions of Insurers) (Amendment) Regulations , 2026 ("Amended Regulations "). mandated insurance companies to prepare financial statements in accordance with the applicable Indian Accounting Standards (Ind AS) w.e.f. April 1, 2026. The Corporation has been granted forbearance from IRDAI to defer adoption of Ind AS by one year, accordingly the Corporation shall adopt Ind AS w.e.f. April 1, 2027. The financial results for the quarter and six months ended September 30, 2026 have been prepared as per the accounting principles generally accepted in India (Indian GAAP) and Schedule II of the IRDAI (Actuarial , Finance and Investment Functions of Insurers) Regulations 2024. 11 . The Consolidated Financial Results include the results of 2 Indian subsidiary compan ies, 5 foreign subsidiary companies and 6 Associate companies . 12. The Financial Results include the figures for the quarter ended September 30, 2026 being the balancing figures between the financial figures for the six months ended Septembe r 30, 2026 and the financial figures for the quarter ended June 30, 2026 . The same also applies for the comparative figures for the quarter ended September 30, 2025 . 13. Figures of the previous period/year have been regrouped wherever necessary to conform to the current periods' presentation . Place: Mumbai Date: November 5, 2026 For and on behalf of Board of Directors -#.. • Vl-4'..it., . Ramakrishnan Chantler Managing Director
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05/11/2026 PANINDIA PRESS RELEASE 5th November, 2026 NSE Code:- LICI BSE Code:- 543526 PERFORMANCE UPDATE for Half Year ended September 30th 2026 (H1 - FY2027) Profit After Tax increased by 21.52% to Rs. 25,568 crore. Value of New Business (VNB) increased by 33.95% to Rs. 6,846 crore. VNB Margin (Net) increased by 470 bps to 22.3% Total Premium Income increased by 11.64% to Rs. 2,74,269 crore. Individual New Business Premium Income increased by 14.86% to Rs. 32,725 crore. Group New Business Premium Income increased by 20.63% to Rs. 1,11,685 crore. Overall APE increases by 5.72% to Rs. 30,696 crore. Individual Business Protection APE increased by 58.59% to Rs. 157 crore. Non Par APE share within Individual business at 34.03%. Overall Expense ratio at 10.41% for H1FY27. AUM increased by 4.16% to Rs. 59,60,941 lakh crore. Solvency Ratio increased to 2.35 from 2.13. Mumbai, November 5th, 2026: The Board of Directors of Life Insurance Corporation of India (“LIC”) approved and adopted the standalone and consolidated financial results for the six months ending September 30th, 2026. Below are the key highlights of our standalone results. The Profit After Tax (PAT) for the half year ended September 30th, 2026 was Rs. 25,568 crore as compared to Rs. 21,040 crore for the half year ended September 30th, 2025 registering a growth of 21.52%. In terms of market share measured by First Year Premium Income (FYPI) (as per IRDAI), LIC continues to be the market leader in Indian life insurance business with overall market share of 58.77% for half year ended September 30th 2026 as compared to 59.41% for half year ended September 30th 2025. For the half year ended September 30th, 2026, LIC had a market share of 37.51% in Individual business and 70.45% in the Group business. The Total Premium Income for six months period ended September 30th, 2026 was Rs. 2,74,269 crore as compared to Rs. 2,45,680 crore for the six months period ended September 30th 2025, registering a growth of 11.64%. Individual New Business premium income for six months period ended September 30th, 2026 was Rs. 32,725 crore as compared to Rs 28,491 crore for the six months period ended September 30th 2025, registering an increase of 14.86%. The Individual Renewal premium income for six months period ended September 30th, 2026 was Rs. 1,27,950 crore as compared to Rs 1,22,224 crore for the six months period ended September 30th 2025, registering an increase of 4.68%. The Total Individual Business Premium for the six months period ended September 30th, 2026 increased to Rs. 1,60,675 crore from Rs. 1,50,715 crore for the comparable period of previous year, registering an increase of 6.61%. The Group Business total premium income for six months period ended September 30th, 2026 was Rs. 1,13,594 crore as compared to Rs 94,965 crore for the six months period ended September 30th 2025, registering an increase of 19.62%. On an Annualized Premium Equivalent (APE) basis, the total premium was Rs. 30,696 crore for the six months period ended September 30th, 2026. Of this 56.11% (Rs. 17,224 crore) was accounted for by the Individual Business and 43.89% (Rs. 13,472 crore)
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by the Group Business. Within the Individual Business, the share of Par products on APE basis was 65.98% (Rs. 11,364 crore) and balance 34.03% (Rs. 5,861 crore) was due to Non Par products. The Individual Non Par APE was Rs. 5,861crore for the six months period ended September 30th, 2026 as compared to Rs. 6,234 crore for the six months period ended September 30th, 2025 registering a decrease of 5.98%. Therefore, on APE basis, our Non Par share of Individual business has decreased to 34.03% for the six months period ended September 30th, 2026, as compared to 36.31% for the six months period ended September 30th, 2025. A total of 70,97,094 policies were sold in the individual segment during the six months period ended September 30th, 2026 as compared to 72,60,573 policies sold during the six months period ended September 30th 2025, registering a decrease of 2.25%. The Value of New Business (VNB) for the six months period ended September 30th, 2026 was Rs. 6,846 crore as compared to Rs. 5,111 crore for the six months period ended September 30th, 2025, registering a growth of 33.95%. The Net VNB margin for the six months period ended September 30th, 2026 increased by 470 bps to 22.3% as compared to 17.6% for the six months period ended September 30th, 2025. The Indian Embedded Value (IEV) as on September 30th,2026 has been determined as Rs. 7,97,378 crore as compared to Rs. 8,13,230 crore as on September 30th, 2025 registering a decrease of 1.95% over the previous year. The Solvency Ratio as on September 30th, 2026 increased to 2.35 as against 2.13 on September 30th, 2025. For the six months period ended September 30th, 2026, the persistency ratios on premium basis for the 13th month and 61st month were 74.69% and 61.03%, respectively. The comparable persistency ratios for the corresponding period ended September 30th, 2025 were 75.29% and 63.81%, respectively. For the six months period ended September 30th, 2026, the persistency ratios on number of policies basis for the 13th month and 61st month were 67.58% and 48.33%, respectively. The comparable persistency ratios for the corresponding period ended September 30th, 2025 were 63.36% and 51.50%, respectively. The Assets Under Management (AUM) increased to Rs. 59,60,941 crore as on September 30th, 2026 as compared to Rs. 57,22,896 crore on September 30th, 2025 registering an increase of 4.16% year on year. The Overall Expense Ratio for the six months period ended September 30th, 2026 decreased by 87bps to 10.41% as compared to 11.28% for the six months period ended September 30th 2025. The Yield on Investments on policyholders funds excluding unrealized gains was 8.67% for the six months period ended September 30th, 2026 as against 8.90% for six months period ended September 30th, 2025. Shri R Doraiswamy, CEO & MD, LIC said:– “We at LIC are very optimistic about the positive impact of the Proposed commission Regulations changes announced for the Insurance Industry by the IRDAI during September 2026. We believe that most of these changes are in the best interest of customers and will lead to further accelerated growth of the life insurance industry in India. From a business perspective during the first half of this year (FY 2026-27), LIC has once again demonstrated the successful implementation of its strategy pertaining to both product and channel diversification, that we have been pursuing since our listing. The Non Par APE share of Individual business for H1 FY27 is 34.03%, in line with our current strategy of maintaining levels of one third of Individual APE from Non Par products. The Banca and Alternate Channels share of Individual NBP is now 7.53% for H1 FY27 as compared to 7.12% similar period of previous year, demonstrating a growth of 21.44%. While we have seen the VNB increase by 33.95% in H1 FY27 to Rs 6,846 crore, our VNB margin has also expanded by 470 bps to 22.3% in H1 FY27. While we expand our overall profitability through diversification of product
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and channel mix, we are also working towards optimizing costs across the entire business. We remain thankful to all our stakeholders for their continued support.” Key Operational and Financial metrics: Sr. No. Particulars Six months ended Sep 30th, 2025 (Rs in crore) Six months ended Sep 30th, 2026 (Rs in crore) YoY Growth %age 1 Profit after Tax (PAT) 21,040 25,568 21.52% 2 New Business Premium Income (Individual) 28,491 32,725 14.86% 3 Renewal Premium (Individual) 1,22,224 1,27,950 4.68% 4 Total Premium (Individual) 1,50,715 1,60,675 6.61% 5 Total Group Business Premium 94,965 1,13,594 19.62% 6 Total Premium Income 2,45,680 2,74,269 11.64% 7 Number of Policies sold (Individual) 72,60,573 70,97,094 (2.25%) 8 Indian Embedded Value 8,13,230 7,97,378 (1.95%) 9 Value of New Business (Net) 5,111 6,846 33.95% 10 VNB Margin (Net) 17.6% 22.3% Increase by 470 bps 11 Overall Expense Ratio 11.28% 10.41% Decrease by 87 bps 12 Solvency Ratio 2.13 2.35 13 13 M/ 61 M Persistency (Premium Basis) 75.29% / 63.81% 74.69% / 61.03% 14 13 M/ 61 M Persistency (Number of Policies Basis) 63.36% / 51.50% 67.58% / 48.33% 15 Individual Business APE 17,170 17,224 0.31% 16 Group Business APE 11,864 13,472 13.55% 17 Total APE (Ind + Group) 29,034 30,696 5.72% 18 Ind APE Product Mix (%) (Par/ Non Par incl Linked) 63.69%/36.31% 65.98%/34.03% 19 Assets Under Management 57,22,896 59,60,941 4.16% * F i g u r e s m a y a d d u p t o t o t a l d u e t o r o u n d i n g o f f . Notes:- For detailed information on financials, please refer to Statement of Reviewed Standalone Financial Results for the quarter and six months ended September 30th 2026 and accompanying Notes which are uploaded on the Stock Exchanges and the Corporation’s websites. Dated at Mumbai on November 5th, 2026 For Further Information please contact: Executive Director (CC) LIC of India, Central Office, Mumbai. Email id: ed_cc@licindia.com Visit us at www.licindia.in We believe that the news contained in this release is of value to your readers. While we would thank you to publish it as soon as possible, we also readily recognize that the decision to do so rests entirely with you.