LIC Net VNB Margin rises to 21.2% in FY26
LIC reported strong growth in FY26, with Net VNB Margin rising to 21.2% and Net VNB reaching ₹14,179 crore. Adjusted Net Worth surged to ₹1,69,605 crore, while Indian Embedded Value increased to ₹7,89,185 crore. The Bima Sakhi Yojana appointed 3.45 lakh agents, contributing ₹2,848.36 crore in new business premium.
*this image is generated using AI for illustrative purposes only.
Life Insurance Corporation of India has scheduled a conference call with analysts and investors to present its financial performance for FY26. The meeting is set to take place on May 22, 2026. The corporation has made the presentation available on its official website in compliance with Regulations 30 and 46(2)(oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The presentation highlights a significant improvement in the corporation's financial metrics. The Adjusted Net Worth (ANW) surged to ₹1,69,605 crore in FY26 from ₹1,20,258 crore in the previous fiscal year. Consequently, the Indian Embedded Value (IEV) rose to ₹7,89,185 crore, compared to ₹7,76,876 crore in FY25. The Value of In-force (VIF) Business stood at ₹6,19,580 crore for the year ending March 31, 2026.
Business and Financial Updates
LIC reported strong growth in new business metrics during the fiscal year. The Annualized Premium Equivalent (APE) increased to ₹66,961 crore from ₹56,828 crore in the prior year. The Net Value of New Business (VNB) also saw a substantial jump, reaching ₹14,179 crore in FY26, up from ₹10,011 crore. Consequently, the Net VNB Margin improved to 21.2% from 17.6% in the previous year.
| Metric | FY25 (INR in Crore) | FY26 (INR in Crore) |
|---|---|---|
| Adjusted Net Worth | 1,20,258 | 1,69,605 |
| Value of In-force Business | 6,56,617 | 6,19,580 |
| Indian Embedded Value | 7,76,876 | 7,89,185 |
| Total APE | 56,828 | 66,961 |
| Net VNB | 10,011 | 14,179 |
| Net VNB Margin | 17.6% | 21.2% |
Operational Highlights
The insurer introduced several new products during the year, including non-linked endowment and term plans, alongside health riders. A key operational highlight was the performance of the Bima Sakhi Yojana, launched to empower women. As of March 31, 2026, the scheme had appointed 3.45 lakh Mahila Career Agents (MCAs) and procured a New Business Premium of ₹2,848.36 crore. Additionally, the corporation trained 1,99,472 newly recruited agents during the fiscal year.
Distribution and Channels
LIC expanded its distribution channels, with the share of 'Others' including digital marketing and alternate channels rising to 8.25% in FY26 from 6.12% in FY25. The rural business mix also improved, accounting for 52.85% of total business compared to 51.02% in the previous year. The total assets under management reached ₹58,65,825.98 crore as of March 31, 2026.
Historical Stock Returns for LIC of India
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.59% | +0.99% | -1.35% | -9.91% | -4.78% | -7.12% |
How might LIC's improving VNB margin trajectory position it competitively against private insurers like HDFC Life and SBI Life in the premium product segment over the next 2-3 years?
Could the Bima Sakhi Yojana's rural penetration success prompt LIC to scale the program further, and what impact might that have on its overall market share in underserved regions?
With digital and alternate channels growing to 8.25% of distribution, what timeline is realistic for LIC to meaningfully close the digital gap with tech-forward private insurers?
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