In Q4 FY25, LIC reported a net premium income of Rs 1.5 trillion, which declined 3% YoY. For FY25, net premium income grew 3% YoY to Rs 4.9 trillion. Renewal premium grew 2% YoY to Rs 791 billion. New business APE declined 11% YoY to Rs 189 billion (8% beat). For FY25, the performance was flattish YoY, with APE at Rs 568 billion.
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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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