Life Insurance Corporation Of India

“We would like to see that the non-par growth continues the way it has been growing from Q1 to Q4 over the previous years that will continue in the current year as well.”

“We expect that this will get more pronounced and this growth in APE will also increase over the subsequent quarters as our focus on new business also increases as the year passes on.”

“So we expect the margins to improve. Of course, the component from the RFR is not in our hands.”

“We don't normally give a guidance, but we expect it to improve over the next few quarters as well, of course, keeping the one uncertain factor of the RFR.”

“And in terms of VNB margin, we expect the margin to grow something more than where we currently are and settle something around the industry average.”

“Bancassurance and alternate channels, including micro insurance, collected new business premium income of 907.14 crore rupees for the quarter ended 30th June 2026 as compared to 861.92 crore rupees for the quarter ended June 30, 2025, registering a growth of 5.25% on a year-on-year basis.”

“The new business premium income collected through banks was 483.39 crore rupees for the quarter ended June 30, 2026. And for the corresponding period last year, it was 528.97 crore rupees, thereby registering a decrease of 8.62% on a year-on-year basis.”

“Further, the alternate channels collected new business premium of 423.75 crore rupees for the quarter ended 30th June 2026 as compared to 332.94 crore rupees for the quarter ended 30th June 2025, registering a significant growth of 27.27% on a year-on-year basis.”

“ULIP premium reduction is naturally a function of the market scenario when confidence in the market gets affected due to the high volatility in the market functioning.”

“Yes, ULIP, we do expect to come back when the market situation normalizes.”

“We have a substantial growth in the first year renewal premium.”

“The net VNB margin has improved by 750 basis points on a year-on-year basis from 15.4% for the quarter ended 30 June '25 to 22.9% for the first quarter of the current year.”

“For the quarter ended 30th June 2026, the overall expense ratio was 10.63% as compared to 10.47% for the same period last year.”

“And this comparison with the corresponding first quarter of last year when we had the ITC available is something which has resulted in a 16 basis points increase in the overall expense ratio.”

“So those also have impacted the business mix and the business growth, which I have just told you. These two have contributed to 6.5% positively to the VNB growth.”

“And apart from that, there are other deductions such as CRNHR and TVOG, etc. So all these put together, they have contributed to 2.9% positively.”

“The solvency ratio as on 30th June '26 improved to 2.42 as against 2.17 on 30th June 2025.”

“ASM funds is at 180,000 crores.”

“Now this will support increase in protection business or the increase in liability that we can underwrite.”

“Since April 2026, two new products have been launched, namely LIC's New Jeevan Sathi single premium and LIC's New Jeevan Sathi limited premium and one product has been withdrawn, namely LIC's Nav Jeevan Shree single premium, which was a close-ended plan.”

“to be in policyholder funds for awaiting the stake sale. So that is as of things as it stands today.”

“So we have a focus on weeding out non-serious candidates from the agency force, and that is something which will continue to happen.”

“But we'll be also looking at the regulatory changes before we finally take a call where we should have the solvency taken forward too.”

“brought in by the master circular did affect because the minimum sum assured has been increased from INR1 lakh to INR2 lakh.”

“This is precisely because of the West Asia conflict, which has affected the remittance side and the major contributor for us being annuity and ULIPs”

“But it will take a bit of time for the market to get adjusted and show and bring back the growth in number of policies.”

“Our market share by first year premium income for three months ending 30th June '26 is 60.10% as per IRDAI as compared to 63.51% for the similar period ended 30th June 2025.”

“Now if we bifurcate this overall market share of 60.10% into segment-wise share of individual and group business, we would have a market share of 38.89% in individual business and 70.90% in the group business for the current quarter ending 30th June '26.”

“For the quarter ended 30th June 2026, we have recorded a total premium income of 127,250 crore rupees as compared to total premium income of 119,200 crore rupees for the quarter ended 30th June 2025, registering a growth of 6.75% on a year-on-year basis.”

“The individual new business premium income for quarter ended 30 June '26 was 14,351 crore rupees as compared to 12,536 crore rupees for the corresponding period last year, thereby registering a growth of 14.48% on a year-on-year basis.”

“Further, the renewal premium income (Individual Business) for the quarter ended 30 June '26 was 61,065 crore rupees as compared to 58,938 crore rupees for the previous year first quarter, thereby registering a growth of 3.61% on a year-on-year basis.”