LIC Q1 Results Review: Motilal Oswal Maintains 'Buy', Sees Upto 22% Upside — Check Target Price

In Q1 FY26, LIC reported net premium income of Rs 1.2 trillion (in line), up 5% YoY. Renewal premium grew 6% YoY to Rs 599 billion, while first-year/single premium grew 1%/4% YoY to Rs 75 billion/Rs 519 billion.

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Motilal Oswal Report

Life Insurance Corporation Ltd. maintains its industry-leading position and focuses on achieving growth recovery through wider product offerings, higher ticket sizes, a shift in the product mix toward non-par, agency channel expansion, and a higher contribution from bancassurance and alternate channels.

A shift toward highermargin non-par products and improvement in persistency will boost VNB margin going forward.

LIC is also working on enhancing its digital capabilities for cost optimization. We have kept our FY26/FY27 estimates unchanged considering the in-line performance in Q1 FY26.

Reiterate Buy with a target price of Rs 1,080 (premised on 0.7x FY27E EV).

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