LIC Q4 Results Review: APE Decline Continues; VNB Margin Expands; Motilal Oswal Maintains 'Buy'

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Motilal Oswal Report

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

Improvement in rider attachment, along with an increase in contribution from higher margin products, will boost VNB margin.

We have cut our VNB margin estimates by 50 bp each for FY26/27, factoring in FY25 performance.

Reiterate Buy with a target price of Rs 1,050 (premised on 0.6x FY27E embedded value).

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