Life Insurance Corporation of India (LIC) saw a 22.81% year-on-year increase in profit after tax to INR134.9bn ($1.5bn) for the quarter ended 30 June 2026, supported by growth in premium income and a sharp improvement in the value of new business (VNB). Total premium income rose 6.75% to INR1,272.5bn, while individual business premium increased 5.52% to INR754.16bn and group business premium grew 8.61% to INR518.34bn.
LIC continued to lead India’s life insurance market, with an overall market share of 60.10% measured by first-year premium income, according to IRDAI data. Its market share stood at 38.89% in individual business and 70.90% in group business. The insurer sold more than 3.1m individual policies during the quarter, up 2.06% from a year earlier.
The insurer’s focus on non-participating products also continued to gain momentum.
Non-par products accounted for 32.49% of individual annualised premium equivalent (APE), up from 30.34% a year earlier, while non-par APE rose 14.24% to INR24.47bn. Net VNB surged 61.32% to INR31.36bn, with the net VNB margin expanding by 750 basis points to 22.9%.
LIC’s solvency ratio improved to 2.42 from 2.17 a year earlier, while assets under management rose 4.10% to INR59,393.84bn. However, the overall expense ratio increased by 16 basis points to 10.63%.