Financial Services · NSE: LICI · BSE: 543526
LIC: how the business works
LIC sells life insurance, savings and pension policies to people and employers across India, collecting ₹535,984 crore of premiums in FY26.
Life Insurance Corporation of India · Mumbai, Maharashtra · Founded 1956
Last updated · Reviewed by Cityfort Research on
- Premium income, FY26
- ₹535,984 cr
- Net profit, FY26
- ₹57,419 cr
- Share of India's new life policies, FY26
- 65.16%
- Founded
- 1956
- Government (promoter) holding, Sep 2026
- 90.00%
01 · The business in one line
What does LIC do?
People and employers pay LIC premiums; in FY26, ₹88 of every ₹100 that came in went to policyholders' claims and reserves, and ₹5.9 was profit.
- LIC invests premiums for years before claims fall due. In FY26 that investment income was ₹431,708 crore, on top of ₹535,984 crore of premiums.
- The Government of India owned 96.50% of LIC from its 2022 listing. It sold 6.5% in Aug 2026 and held 90.00% at 30 Sep 2026.
02 · What it sells
What does LIC sell?
Participating ("par") policies
Savings plans with life cover. Policyholders share the fund's surplus as bonuses; from FY25 shareholders keep 10%. FY26 premium: ₹283,477 crore.
Non-participating ("non-par") individual policies
Plans with benefits fixed at the start: guaranteed savings, term cover, annuities and unit-linked plans. FY26 new individual non-par business (APE): ₹15,214 crore.
Unit-linked plans (ULIPs)
Premiums go into market-linked funds the buyer picks, so the payout moves with markets. FY26 premium: ₹22,972 crore, up 44.75% from FY25.
Group plans for employers
Employers buy gratuity, pension and group life cover for staff. FY26 group premium: ₹196,609 crore, 36.7% of the total.
Think of it like this
Like a long-term savings club with a promise attached: members pay in for years, the club invests the money, and it pays out on death or maturity.
What it does
- Does: Sells life cover, savings, pension and annuity policies to individuals and employers.
- Does: Invests policyholders' money in bonds, shares and loans: ₹5,729,396 crore of assets at 31 Mar 2026.
- Does: Sells mostly through 14,57,045 individual agents, plus 92 partner banks, 84 corporate agents and 308 brokers.
What it does not do
- Does not: Is not a motor or home insurer: the regulator IRDAI registers it as a life insurer.
- Does not: Is not a bank, though it owns 49.24% of IDBI Bank.
- Does not: Is not a Companies Act company: it is a statutory corporation set up under the LIC Act, 1956.
Source: Annual Report FY26 (2025-26); Red Herring Prospectus, LIC IPO (26 Apr 2022); Investor presentation FY26 (21 May 2026)
03 · Who pays it
Who pays LIC?
Individuals renewing their policies
51%
of revenue
Yearly premiums on policies bought in earlier years: ₹271,699 crore in FY26.
Employers and other groups
37%
of revenue
Gratuity, pension and group cover bought for staff or members: ₹196,609 crore in FY26.
Individuals buying new policies
13%
of revenue
First premiums on policies sold during the year: ₹67,676 crore in FY26.
Borrowers and companies LIC invests in
Not disclosed
Interest, dividends and gains on invested premiums: ₹431,708 crore for policyholders' funds in FY26, on top of premium income.
- Individuals renewing their policies51%
- Employers and other groups37%
- Individuals buying new policies13%
How spread out the customers are
LIC does not name its largest group clients. Individuals paid 63.3% of FY26 premium; employers and other groups paid 36.7%.
04 · How the money flows · FY26
How does money flow through LIC?
Money in
- Premiums (net of reinsurance)₹535,984 cr
- Investment income on policyholders' funds₹431,708 cr
- Investment income on shareholders' funds₹8,588 cr
- Other income (policyholders' account)₹2,799 cr
The company
LIC
₹979,079 cr came in
Money out
- Paid to policyholders (claims, maturities, bonuses)₹496,104 cr
- Set aside in reserves for future claims₹364,708 cr
- Agent commission₹24,440 cr
- Running costs, net of a tax write-back₹36,409 cr
- Net profit₹57,419 cr
- Policyholders paid ₹535,984 crore of premiums in FY26.
- LIC invested the money and earned ₹440,296 crore from its investments.
- It paid ₹496,104 crore to policyholders and set aside ₹364,708 crore for future claims.
- Agents got ₹24,440 crore. Running costs were ₹41,219 crore, less a ₹4,811 crore tax write-back.
- What was left, ₹57,419 crore, was profit for shareholders.
05 · Where the money goes · FY26
Where does ₹100 of LIC's money go?
LIC · FY26
Receipt for every ₹100
| Paid to policyholders | ₹50.7 |
|---|---|
| Reserves for future claims | ₹37.3 |
| Agent commission | ₹2.5 |
| Running costs, net of tax write-back | ₹3.7 |
| Kept as profit | ₹5.9 |
| Total | ₹100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly ₹100 because of rounding.
06 · What it needs to run
What does LIC need to run?
Agents
14,57,045 individual agents at 31 Mar 2026, 44.25% of all life-insurance agents in India. They sold 98.42% of LIC's FY26 policies.
Offices and staff
2,048 branches, 1,584 satellite offices and 84,565 employees, according to the FY26 annual report.
Capital above what the regulator requires
Insurers are required to keep capital beyond their promises to policyholders. LIC's solvency ratio (capital held ÷ capital required) was 2.35 at 31 Mar 2026.
Licence and government guarantee
LIC holds IRDAI life-insurance registration no. 512. Under the LIC Act, the central government guarantees sums assured and declared bonuses on LIC policies.
Source: Annual Report FY26 (2025-26); Earnings call transcript Q4 FY26 (21 May 2026); Investor presentation FY26 (21 May 2026) and 1 more
07 · Why it makes money
Why does LIC make money?
LIC collects premiums now, invests them for decades, and keeps a share of the surplus after paying policyholders.
Profit comes from the gap between what invested premiums earn and what LIC has promised, after costs. On par policies, shareholders keep 10% of the surplus from FY25. Non-par plans rose from 7.12% to 35.11% of individual new business between FY22 and FY26.
Net value of new business (VNB) margin: expected lifetime profit on the year's new policies per ₹100 of new annual premium
15.1%21.2%
FY22 to FY26
- Agents sell policies and buyers pay premiums.
- LIC invests the money in bonds, shares and loans.
- Investments earn income: 8.92% on the policyholders' fund in FY26.
- LIC pays claims and maturities and sets aside reserves for future ones.
- The surplus left is shared between policyholders (bonuses) and shareholders.
- The shareholders' part becomes profit and dividends.
↺ Step 6 feeds back into step 1.
Source: Investor presentation FY23 (25 May 2023); Investor presentation FY26 (21 May 2026)
08 · Business segments · FY26
Which businesses make up LIC?
Individual renewal premium
51%Yearly premiums on individual policies sold in earlier years.
Revenue ₹271,699 cr
Group premium
37%Gratuity, pension and group cover bought by employers and other groups.
Revenue ₹196,609 cr
Individual new business premium
13%First-year and single premiums on individual policies sold in the year.
Revenue ₹67,676 cr
How the mix changed
- Individual renewal premium
- Group premium
- Individual new business premium
Revenue by segment, FY22 to FY26.
₹ crore · Source: Investor presentation FY23 (25 May 2023); Investor presentation FY25 (27 May 2025); Investor presentation FY26 (21 May 2026)
See the numbers
09 · Competitors and what protects it
Who does LIC compete with?
SBI Life Insurance
Named in LIC's 2022 offer document as a main competitor. SBI Life reported FY26 value of new business of ₹6,670 crore and a solvency ratio of 1.90.
HDFC Life Insurance
Named, as HDFC Standard Life, in LIC's 2022 offer document as a main competitor. HDFC Life's FY26 total premium was ₹79,387 crore and its value of new business ₹4,034 crore.
ICICI Prudential Life Insurance
Named in LIC's 2022 offer document as one of LIC's three main competitors.
Private life insurers combined
There were 23 private life insurers at 31 Mar 2021. Together they sold 43.34% of new business premium and 63.40% of individual new premium in FY26.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Scale5 of 5
LIC sold 65.16% of India's new life policies in FY26 and managed ₹5,729,396 crore of assets at 31 Mar 2026.
- Government guarantee5 of 5
Under the LIC Act, the central government guarantees payment of sums assured and declared bonuses on all LIC policies.
- Agent network4 of 5
LIC's 14,57,045 agents were 44.25% of the industry's at 31 Mar 2026. All other insurers together have had more agents than LIC since FY24.
Weak spot
Individual new business
LIC's share of individual new premium was 36.60% in FY26; private insurers had 63.40%. Its share of total new premium fell every year, from 63.25% in FY22 to 56.66% in FY26.
Source: Red Herring Prospectus, LIC IPO (26 Apr 2022); SBI Life 12M FY26 performance update (peer, revised); HDFC Life FY26 results press release (peer) and 5 more
10 · Where growth could come from
Where could LIC's growth come from?
On 6 Aug 2026, CEO R. Doraiswamy said LIC does not normally give guidance, but expects its VNB margin to improve over the next few quarters, leaving aside interest-rate effects.
More non-par policies
Working7.12% → 35.11% of individual APE, FY22–FY26
Non-par plans fix benefits at the start. Their share of individual new business (APE: new premium on an annual basis) rose fivefold. In May 2026 management said it had settled at about 35%.
Status: Working, on track against what the company said.
Group business
WorkingGroup APE ₹14,818 cr → ₹23,626 cr, FY22–FY26
New business from employers and groups grew each year from FY22 to FY26.
Status: Working, on track against what the company said.
Unit-linked plans
Working₹22,972 cr premium in FY26, +44.75%
ULIP premium rose from ₹15,870 crore in FY25.
Status: Working, on track against what the company said.
Banks and other partners
Early₹5,076 cr of new business premium in FY26, +45.19%
Sales through 92 banks, 84 corporate agents and 308 brokers are still small next to agents, who brought 91.75% of FY26 new business premium.
Status: Early, too early to judge.
Bima Sakhi women agents
Early59% of gram panchayats covered, 31 Mar 2026
The scheme, launched in 2024, recruits women agents in villages. It reached 1,43,924 of 2,44,876 gram panchayats by 31 Mar 2026.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Source: Earnings call transcript Q1 FY27 (6 Aug 2026); Investor presentation FY23 (25 May 2023); Investor presentation FY26 (21 May 2026) and 3 more
11 · The numbers · Standalone (no material subsidiaries) · ₹ crore
How has LIC done?
Revenue
₹535,984 crFY26
Premium income rose every year, from ₹427,419 crore in FY22 to ₹535,984 crore in FY26. Revenue here is premiums only; investment income (₹431,708 crore in FY26) is in the money-flow section.
₹ crore · Source: Investor presentation FY23 (25 May 2023); Investor presentation FY25 (27 May 2025); Investor presentation FY26 (21 May 2026) and 9 more
See the numbers
Net profit
₹57,419 crFY26
Net profit rose from ₹4,043 crore in FY22 to ₹57,419 crore in FY26. FY23 includes a one-time ₹27,241 crore surplus transfer to shareholders, Q4 FY26 an accounting-policy change, and EPS uses post-bonus shares.
₹ crore · Source: Investor presentation FY23 (25 May 2023); Investor presentation FY25 (27 May 2025); Investor presentation FY26 (21 May 2026) and 3 more
See the numbers
Profit kept per ₹100 of revenue
₹10.7FY26
Net profit per ₹100 of premium rose from ₹0.95 in FY22 to ₹10.71 in FY26; FY22 came before LIC split its funds for listing, so it is not like for like.
₹ of profit per ₹100 of revenue (net margin) · Source: Investor presentation FY23 (25 May 2023); Investor presentation FY25 (27 May 2025); Investor presentation FY26 (21 May 2026) and 3 more
See the numbers
See all yearly numbers
EBITDA = profit before interest, tax and wear-and-tear of assets. Financial year runs April to March (March year end). Net profit is the share belonging to the company's owners.
12 · Financial strength · 31 Mar 2026
How much debt does LIC have?
- Total debt₹0 cr
- Cash and investments₹65,034 cr
- Net cash (cash minus debt)₹65,034 cr
- Net worth (shareholders' money)₹175,356 cr
- Debt to equity
- 0×
- ₹ of debt for every ₹1 of shareholders' money
- Contingent liabilities
- ₹16,168 cr
- possible future payments, e.g. disputed claims
- Cash here is cash and cash equivalents only. LIC's total investments were ₹5,729,396 crore, mostly policyholders' money held for future claims.
- The solvency ratio (capital held ÷ capital required) was 2.35 at 31 Mar 2026, up from 1.85 at 31 Mar 2022.
- Contingent liabilities include ₹14,691 crore of statutory demands in dispute at 31 Mar 2026, down from ₹24,111 crore a year earlier.
Source: Investor presentation FY26 (21 May 2026); Annual Report FY26 (2025-26); Investor presentation FY23 (25 May 2023)
13 · Who owns it · Q2 FY27
Who owns LIC?
- Promoters (founders or parent company)90.0%
- Foreign institutions (FII)1.6%
- Indian institutions (DII)6.2%
- Public and others2.3%
Promoter pledge
No promoter shares were pledged in Q2 FY27.
How ownership changed
* Pledged = share of the promoters' own holding reported as pledged. In older filings this can include shares “otherwise encumbered”; the governance flags say when.
Source: Shareholding pattern as of 31 Dec 2023 (XBRL); Shareholding pattern as of 31 Mar 2024 (XBRL); Shareholding pattern as of 30 Jun 2024 (XBRL) and 10 more
14 · What it does with profit
What does LIC do with its profit?
Dividend per share
₹10.00FY26
Dividend paid for each share, by financial year.
₹ per share · Source: Annual Report FY25 (2024-25); Annual Report FY26 (2025-26); Outcome of board meeting 21 May 2026: FY26 audited results, final dividend, bonus record date
See the numbers
No buybacks or fund raises in the period covered.
15 · Who runs it
Who runs LIC, and did they deliver?
R. Doraiswamy
CEO & Managing Director · since 2025
In the role since 14 Jul 2025.
Ratnakar Patnaik
Managing Director · since 2025
In the role since 1 Jun 2025.
Ramakrishnan Chander
Managing Director · since 2025
In the role since 1 Dec 2025.
Dr V.S. Parthasarathy
Independent director, audit committee chair
What they said, and what happened
1 delivered · 1 missed · 2 too early to tell
Said on 6 Nov 2025
Fully catch up on the number of policies sold by the end of FY26, after buyers waited for the GST exemption of 22 Sep 2025.
DeliveredWhat happened
LIC sold 1,84,41,175 individual policies in FY26, up 3.70% from 1,77,82,975 in FY25.
Said on 6 Nov 2025
Some more improvement in the non-par share of new business, which management put at 36.31% for H1 FY26.
MissedWhat happened
The non-par share of individual APE was 35.11% for FY26 and 32.49% in Q1 FY27. In May 2026 management said it had settled at about 35%.
Said on 6 Aug 2026
Asked on 6 Aug 2026 whether LIC was on track for a VNB margin in the "mid-20s" by year-end, the CEO said LIC was "working towards that".
Too early to tellWhat happened
Net VNB margin was 22.9% in Q1 FY27 and 21.2% for FY26. FY27 ends on 31 Mar 2027.
Said on 21 May 2026
Take the Bima Sakhi women-agent scheme to every gram panchayat.
Too early to tellWhat happened
1,43,924 of 2,44,876 gram panchayats (59%) were covered at 31 Mar 2026.
Source: Annual Report FY26 (2025-26); Earnings call transcript Q2 FY26 (6 Nov 2025); Investor presentation FY26 (21 May 2026) and 3 more
16 · Governance signals
What do LIC's governance filings show?
- Auditor
- V. Sankar Aiyar & Co. and Mukund M. Chitale & Co. (joint statutory auditors)
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- LIC's related parties include its associates IDBI Bank (49.24%), LIC Housing Finance (45.24%) and LIC Mutual Fund's asset manager (49.87%). The IDBI Bank stake is held in policyholder funds.
- Credit rating
- No public credit rating found
Flags to know about
regulatory · 27 Mar 2026
Income-tax demand orders, Mar 2026
LIC disclosed income-tax demands of ₹7,099.97 crore for FY2021-22 (25 Mar 2026) and ₹10,331.27 crore for FY2023-24 (27 Mar 2026), including interest. LIC said both orders can be appealed to the Commissioner of Income Tax (Appeals) and that it will appeal the FY2023-24 order.
regulatory · 31 Jul 2026
GST demand orders from several states
LIC disclosed GST demand orders from several states between Sep 2025 and Jul 2026. One Uttar Pradesh order sought ₹95.24 crore of GST plus an equal penalty; LIC said the order can be appealed.
regulatory · 9 Sep 2026
NSE query on Q1 FY27 results
On 9 Sep 2026 NSE sought a clarification from LIC on its Q1 FY27 results filing under the listing rules. The NSE listing showed LIC's response as awaited; details were not public.
other · 25 Oct 2025
Media report on Adani investments
In Oct 2025 a Washington Post report made allegations about LIC's investments in Adani group companies. On 25 Oct 2025 LIC called them false and baseless, and said it invests under board-approved policies.
other · 31 Mar 2026
Accounting-policy change in FY26
From FY26 LIC spreads the discount on debt securities over the holding period instead of booking it at maturity. This added ₹10,958.97 crore to the policyholders' account and ₹51.84 crore to the shareholders' account in Q4 FY26.
other · 30 Sep 2026
Two senior exits in Sep 2026
Managing Director Dinesh Pant left on voluntary retirement on 24 Sep 2026, and CFO Shatmanyu Shrivastava retired on 30 Sep 2026. Five independent directors were appointed on 7 Oct 2026.
Source: Annual Report FY26 (2025-26); Earnings call transcript Q1 FY27 (6 Aug 2026); Income-tax demand order for FY 2021-22 (25 Mar 2026) and 7 more
17 · What the market paid · price as of 30 Jun 2026
What did the market pay for LIC on 30 Jun 2026?
Price as of 30 Jun 2026 (shown for education; prices change daily).
Price as of 30 Jun 2026 (data at least 3 months old, shown for education): ₹431.65 on NSE, after the 1:1 bonus. Market value: ₹546,037 crore on 12,649,995,402 shares. P/E is the share price divided by one year's profit per share: here FY26 EPS of ₹45.39 after the bonus (9.5). P/B divides the price by shareholders' money per share at 31 Mar 2026 (3.11). Insurers are also compared with embedded value (EV): shareholders' money plus the value of future profits on policies already sold. The market value was 0.69 times LIC's EV of ₹789,185 crore at 31 Mar 2026. EV/EBITDA is not shown, because EBITDA does not fit an insurer's accounts.
- Share price
- ₹431.65
- Market value (market cap)
- ₹546,037 cr
- P/E
- 9.5×
- P/B
- 3.1×
Source: NSE capital-market bhavcopy, 30 Jun 2026; Allotment of bonus equity shares (1 Jun 2026); Investor presentation FY26 (21 May 2026)
18 · What could go wrong
What could go wrong for LIC?
- Competition
Private insurers keep winning share
LIC's share of India's new life premium fell every year, from 63.25% in FY22 to 56.66% in FY26. In individual policies by premium it was 36.60% in FY26.
Watch Market share of new business premium in each quarterly presentation (60.10% in Q1 FY27, against 63.51% a year earlier).
- Concentration
Dependence on agents
Agents sold 98.42% of LIC's FY26 policies. LIC's agent count fell to 14.57 lakh at FY26 from 14.87 lakh, while other insurers' agents rose to 18.36 lakh.
Watch Agent count and the share of new premium from banks and other partners.
- Other
Investment markets drive results
Investment income on policyholders' funds was ₹431,708 crore in FY26. Shares were ₹1,523,197 crore of LIC's ₹5,729,396 crore of investments at 31 Mar 2026.
Watch Yield on the policyholders' fund (8.92% in FY26, 8.65% in FY25).
- Legal
Tax and GST disputes
LIC received income-tax demands of ₹7,099.97 crore and ₹10,331.27 crore in Mar 2026, plus GST demand orders from several states. LIC said the orders can be appealed, and that it will appeal the FY2023-24 income-tax order.
Watch Outcomes of the appeals and the disputed-demands figure in each annual report (₹14,691 crore at 31 Mar 2026).
- Demand
Fewer policies lasting five years
Policies still paying premiums in their 61st month (persistency, by premium) fell to 59.31% in FY26 from 63.12% in FY25. Lapsed policies stop paying premiums.
Watch 13th- and 61st-month persistency in the annual presentation.
- Regulation
New capital rules could change dividends
On 21 May 2026 management said the dividend payout depends on regulatory changes, including the planned risk-based capital rules for insurers.
Watch Final risk-based capital rules from the insurance regulator and LIC's solvency ratio (2.42 at 30 Jun 2026).
- Governance
Government control and stake sales
The Government of India held 90.00% at 30 Sep 2026 after selling 6.5% in Aug 2026. LIC said on 6 Aug 2026 that it now meets the currently applicable minimum public shareholding norm.
Watch Quarterly shareholding filings and any government notice of a further share sale.
Source: Investor presentation FY23 (25 May 2023); Investor presentation FY25 (27 May 2025); Investor presentation FY26 (21 May 2026) and 9 more
19 · How it got here
How did LIC get here?
1956
Business-model change
Formed by nationalising 245 insurers
LIC was set up on 1 Sep 1956 under the LIC Act, taking over 245 private insurers.
1989
Milestone
LIC Housing Finance set up
The home-loan company is now a 45.24% associate of LIC.
2001
Milestone
Regulator licence and first ULIP
LIC got IRDAI registration no. 512 on 1 Jan 2001 and launched its first unit-linked plan, Bima Plus, on 12 Feb 2001.
2019
Business-model change
Took control of IDBI Bank
IDBI Bank became an LIC subsidiary in Jan 2019 and an associate in Dec 2020. LIC held 49.24% at FY26.
2022
Milestone
Listed on NSE and BSE
LIC listed on 17 May 2022 after the government sold 3.5% of its shares in an IPO.
2023
Business-model change
Surplus moved to shareholders
In FY23 a one-time ₹27,241 crore transfer of non-par surplus to shareholders lifted profit to ₹36,397 crore.
2025
Milestone
GST removed on individual life insurance
From 22 Sep 2025 individual life policies carry no GST. LIC said on 5 Sep 2025 it expected an impact below 0.5% of embedded value.
2026
Milestone
1:1 bonus shares
LIC allotted one bonus share for each share held on 1 Jun 2026, doubling its share count.
2026
Business-model change
Government sells 6.5%
In Aug 2026 the government sold 6.5% through an offer for sale, cutting its holding from 96.50% to 90.00%.
Source: Annual Report FY26 (2025-26); Red Herring Prospectus, LIC IPO (26 Apr 2022); Investor presentation FY23 (25 May 2023) and 7 more
20 · Both sides
What do supporters and critics point to?
What supporters point to
- Net VNB margin rose from 15.1% in FY22 to 21.2% in FY26, and was 22.9% in Q1 FY27.
- LIC had no borrowings, and its solvency ratio rose from 1.85 in FY22 to 2.35 in FY26.
- Gross bad loans in the policyholders' fund fell from 6.03% in FY22 to 1.21% in FY26.
- LIC sold 65.16% of India's new life policies in FY26, and its policies carry a central-government guarantee under the LIC Act.
- Net profit rose every year from FY23 to FY26, reaching ₹57,419 crore.
What critics point to
- LIC's share of new life premium fell every year from FY22 to FY26, to 56.66%; in individual premium it was 36.60%.
- Other insurers together had 18.36 lakh agents at FY26 against LIC's 14.57 lakh, and LIC's count fell during the year.
- LIC received income-tax demands of ₹7,099.97 crore and ₹10,331.27 crore in Mar 2026; LIC said both can be appealed and that it will appeal the FY2023-24 order.
- 61st-month persistency fell to 59.31% in FY26 from 63.12% in FY25.
- Profit is hard to compare across years: FY23 includes a one-time ₹27,241 crore transfer and FY26 an accounting-policy change.
21 · What to watch next
What should you watch next at LIC?
Next event
Q2 FY27 results (board meeting on 5 Nov 2026)
5 Nov 2026
Date confirmed by the company
VNB margin
It was 22.9% in Q1 FY27. On 6 Aug 2026 the CEO said LIC was "working towards" a mid-20s margin, when asked about year-end.
Share of new business
LIC's share of new business premium was 60.10% in Q1 FY27, down from 63.51% a year earlier.
IDBI Bank stake
LIC owns 49.24% of IDBI Bank in policyholder funds. On 6 Aug 2026 the CEO said LIC was awaiting the stake sale.
22 · Key facts
Key facts about LIC
- What does LIC do?
- Life Insurance Corporation of India (LIC) sells life insurance, savings, pension and annuity policies to individuals and employers in India. In FY26 LIC sold 65.16% of all new life-insurance policies sold in India.
- How does LIC make money?
- LIC collects premiums, invests them, and keeps a share of what is left after claims, reserves and costs. In FY26 LIC earned ₹535,984 crore of premiums and ₹431,708 crore of investment income on policyholders' funds, and made a net profit of ₹57,419 crore.
- Who are LIC's customers?
- Individuals paid 63.3% of LIC's FY26 premium income (new policies 12.6%, renewals 50.7%), and employers and other groups paid 36.7%. LIC had 2,535.03 lakh individual assurance policies in force at 31 Mar 2026.
- How big is LIC?
- LIC's FY26 premium income was ₹535,984 crore and its net profit was ₹57,419 crore. LIC managed assets of ₹5,729,396 crore at 31 Mar 2026.
- Who owns LIC?
- At 30 Sep 2026 the Government of India, through the President of India, owned 90.00% of LIC. Foreign investors held 1.55%, Indian institutions 6.17%, and individuals and others 2.28%. None of the government's LIC shares were pledged.
- How does LIC sell its policies?
- LIC sells mainly through agents: it had 14,57,045 individual agents at 31 Mar 2026, and agents sold 98.42% of LIC's FY26 policies. Banks, brokers and other partners brought ₹5,076 crore of LIC's FY26 new business premium.
- Does LIC have debt?
- LIC had no borrowings at 31 Mar 2026. LIC's shareholders' money (net worth) was ₹175,356 crore and its solvency ratio was 2.35 on that date.
- When was LIC set up and listed?
- LIC was formed on 1 Sep 1956 by nationalising 245 private insurers. LIC listed on NSE and BSE on 17 May 2022, after the government sold 3.5% of its shares in an IPO.
- What dividend did LIC pay for FY26?
- LIC declared a final dividend of ₹10 per share for FY26, on the share count after its 1:1 bonus issue of Jun 2026. The FY26 dividend cost ₹12,649.99 crore, 22.03% of FY26 profit.
Source: Investor presentation FY26 (21 May 2026); Annual Report FY26 (2025-26); Shareholding pattern as of 30 Sep 2026 (XBRL) and 4 more
Terms on this page
- Dividend payout ratio
- FII and DII holding
- Net debt
- Net profit
- Promoter holding
- Public shareholding
- Revenue from operations
- Segment revenue
Each explains the term in plain English, with the same number from other companies on Cityfort.
23 · Sources and changes
Where every number on this page comes from
Sources (45 documents)
- S1Annual Report FY26 (2025-26) · LIC (licindia.in) · Tier 1: company or exchange filing · 3 Jul 2026
- S2Annual Report FY25 (2024-25) · LIC (licindia.in) · Tier 1: company or exchange filing · 30 Jul 2025
- S3Investor presentation FY26 (21 May 2026) · LIC (licindia.in) · Tier 1: company or exchange filing · 21 May 2026
- S4Investor presentation Q1 FY27 (6 Aug 2026) · LIC (licindia.in) · Tier 1: company or exchange filing · 6 Aug 2026
- S5Investor presentation FY25 (27 May 2025) · LIC (licindia.in) · Tier 1: company or exchange filing · 27 May 2025
- S6Investor presentation FY23 (25 May 2023) · LIC (licindia.in) · Tier 1: company or exchange filing · 25 May 2023
- S7Standalone results Q2 FY25 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 8 Nov 2024
- S8Standalone results Q3 FY25 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Feb 2025
- S9Standalone audited results Q4 FY25 and FY25 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 29 May 2025
- S10Standalone results Q1 FY26 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Aug 2025
- S11Standalone results Q2 FY26 (XBRL, revised filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 24 Nov 2025
- S12Standalone results Q3 FY26 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 5 Feb 2026
- S13Standalone audited results Q4 FY26 and FY26 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 May 2026
- S14Standalone results Q1 FY27 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 6 Aug 2026
- S15Outcome of board meeting 21 May 2026: FY26 audited results, final dividend, bonus record date · LIC (licindia.in) · Tier 1: company or exchange filing · 21 May 2026
- S16Earnings call transcript Q1 FY27 (6 Aug 2026) · LIC (licindia.in) · Tier 1: company or exchange filing · 12 Aug 2026
- S17Earnings call transcript Q4 FY26 (21 May 2026) · LIC (licindia.in) · Tier 1: company or exchange filing · 28 May 2026
- S19Earnings call transcript Q2 FY26 (6 Nov 2025) · LIC (licindia.in) · Tier 1: company or exchange filing · 13 Nov 2025
- S20Shareholding pattern as of 31 Dec 2023 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 15 Jan 2024
- S21Shareholding pattern as of 31 Mar 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 12 Apr 2024
- S22Shareholding pattern as of 30 Jun 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Jul 2024
- S23Shareholding pattern as of 30 Sep 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 10 Oct 2024
- S24Shareholding pattern as of 31 Dec 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jan 2025
- S25Shareholding pattern as of 31 Mar 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 8 Apr 2025
- S26Shareholding pattern as of 30 Jun 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Jul 2025
- S27Shareholding pattern as of 30 Sep 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Oct 2025
- S28Shareholding pattern as of 31 Dec 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Jan 2026
- S29Shareholding pattern as of 31 Mar 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Apr 2026
- S30Shareholding pattern as of 30 Jun 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jul 2026
- S31Shareholding pattern as of 30 Sep 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 14 Oct 2026
- S32Post-OFS shareholding pattern (19 Aug 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Aug 2026
- S33Board approves 1:1 bonus issue (13 Apr 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 Apr 2026
- S34Allotment of bonus equity shares (1 Jun 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 1 Jun 2026
- S35Disclosure on GST exemption for individual life insurance (5 Sep 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 5 Sep 2025
- S36Clarification on Washington Post report on Adani investments (25 Oct 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 25 Oct 2025
- S37Income-tax demand order for FY 2021-22 (25 Mar 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 25 Mar 2026
- S38Income-tax demand order for FY 2023-24 (27 Mar 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 27 Mar 2026
- S39GST demand order, Uttar Pradesh (31 Jul 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 31 Jul 2026
- S40Voluntary retirement of MD Dinesh Pant (25 Sep 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 25 Sep 2026
- S41Superannuation of CFO Shatmanyu Shrivastava (30 Sep 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 30 Sep 2026
- S42NSE corporate announcements for LICI: 3-4 Aug 2026 government OFS notices; 9 Sep 2026 exchange clarification request on Q1 FY27 results · NSE · Tier 1: company or exchange filing · 26 Oct 2026
- S43Red Herring Prospectus, LIC IPO (26 Apr 2022) · SEBI (offer document filed by LIC) · Tier 1: company or exchange filing · 26 Apr 2022
- S44HDFC Life FY26 results press release (peer) · NSE (HDFC Life filing) · Tier 1: company or exchange filing · 16 Apr 2026
- S45SBI Life 12M FY26 performance update (peer, revised) · NSE (SBI Life filing) · Tier 1: company or exchange filing · 22 Apr 2026
- S46NSE capital-market bhavcopy, 30 Jun 2026 · NSE (nsearchives.nseindia.com) · Tier 1: company or exchange filing · 30 Jun 2026
Changes to this page (v1 · 26 Oct 2026)
- v1 · 26 Oct 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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