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Life Insurance

Q2 FY26

Life Insurance Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹398

Market cap₹5.0L Cr

P/E8.4

Updated16 Oct 2026

Read4 min read

The short version

LIC expects growth across all segments including par, non-par savings, ULIPs, and annuities, driven by existing momentum built over the last 3 years. LIC expects continued improvement in VNB margins, moving from 16.2% to 17.6% in H1 FY26, with a positive trajectory expected to continue throughout the year.

From Life Insurance's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

LIC expects growth across all segments including par, non-par savings, ULIPs, and annuities, driven by existing momentum built over the last 3 years.
Non-Par APE has grown from 26.31% to 36.31% over one year, with further improvement anticipated.
Focus on top-line growth rather than targeting specific market share; aim for LIC growth to outpace industry growth, which would naturally stabilize or improve market share.
Strong emphasis on improving savings component, propelled by efforts like MDRT and other sales initiatives, expected to show substantial growth from Q3.
Individual New Business Premium (NBP) rose 67%, propelled by bancassurance and alternate channels, with new tie-ups (e.g., AU Small Finance Bank) contributing to growth.
ULIP sales have shown over 100% growth, and LIC will continue to focus on ULIPs along with annuity and savings products.

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Profitability & Margins

LIC expects continued improvement in VNB margins, moving from 16.2% to 17.6% in H1 FY26, with a positive trajectory expected to continue throughout the year.
Focus is on top-line growth rather than solely market share, aiming for better than industry growth to naturally stabilize or improve market share.
Growth is anticipated across all product segments (par, non-par savings, ULIPs, annuities), with particular momentum in non-par (ULIPs) and agency channel productivity.
Operational efficiencies and cost optimization measures (expense ratio reduced from 12.7% to 11.3%) are expected to support margin improvement.
The company is confident about medium to long-term value creation for shareholders and policyholders despite external challenges like GST changes.

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Capital Expenditure Plans

The provided transcript excerpts from the Life Insurance Corporation of India’s discussion do not explicitly mention any current or future capex, capital investment, or strategic investment plans. The focus largely revolves around: - Product mix realignment and growth strategies, especially in ULIPs and savings components. - Improving VNB margins through operational efficiencies and product adjustments.

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Fundraising & Capital Structure

There is no specific mention of any current or planned new fundraising through debt or equity in the provided transcript pages.
The focus is primarily on improving business mix, product margins, and growth rather than raising capital.
No indication of any accounting changes related to mark-to-market fair value changes that might affect net worth or capital structure.

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Order Book & Pipeline

The provided pages from the Life Insurance Corporation of India transcript do not contain any information related to the current or expected order book or pending orders. The discussion primarily revolves around: - Fair value changes in par and non-par segments - VNB margin walk and impacts from GST and RFR changes - Business mix realignment versus market share stabilization - Persistency trends and ticket size impact - Impact of regulatory changes like GST exemption and minimum sum assured adjustments

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Life Insurance — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹2.8L Cr, net profit ₹23.5K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Life Insurance's management said in earlier quarters

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Frequently Asked Questions

What were Life Insurance Q2 FY26 results?

LIC expects growth across all segments including par, non-par savings, ULIPs, and annuities, driven by existing momentum built over the last 3 years. LIC expects continued improvement in VNB margins, moving from 16.2% to 17.6% in H1 FY26, with a positive trajectory expected to continue throughout the year.

What is Life Insurance share price analysis?

Life Insurance currently shows a neutral. The stock trades at a P/E of 8.4 with a market cap of ₹503,154 Cr. Investors should review the full earnings analysis for detailed insights.

Is Life Insurance planning capital expenditure?

The provided transcript excerpts from the Life Insurance Corporation of India’s discussion do not explicitly mention any current or future capex, capital investment, or strategic investment plans.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.