LICI · Financial Services
Life Insurance Corporation of India reported total income of ₹2.39 lakh cr for July to September 2025, +3.6% on the year and +6.6% on the quarter. Over the last four quarters income comes to ₹9.11 lakh cr, +1.7% on the four before.
Net profit was ₹10,098 cr, +30.8% on the year and −7.8% on the quarter, with earnings per share of ₹7.95. The tax rate was 1% against an average of 14% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹51,101 cr, +23.1% on the four before.
Insurers are read on premium growth and, for life insurers, the value of new business; accounting profit says little about one quarter. The quarterly statements do not carry premium growth, value of new business margin and the solvency ratio; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed, Asset quality (lenders), Net interest margin (lenders), Net interest income against profit (lenders). Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| APE (₹ cr) | 29,034 |
| VNB (₹ cr) | 5,111 |
| VNB margin | 17.6% |
| 13th-month persistency | 75.29% |
| 61st-month persistency | 63.81% |
| Solvency ratio (×) | 2.13 |
| Assets Under Management (₹ crore) | 5,722,896 |
Read using the Insurance framework (named in the filing read). Primary valuation lens: P/EV and VNB multiple (life); P/B against combined ratio (general).
Read more closely in this sector: Change in actuarial assumptions · Surrender and lapse trend · Reinsurance share.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | ₹2.14 lakh cr | ₹2.39 lakh cr | ₹2.12 lakh cr | ₹2.31 lakh cr | ₹2.04 lakh cr | ₹2.43 lakh cr | ₹2.25 lakh cr | ₹2.39 lakh cr | ₹2.36 lakh cr | ₹2.77 lakh cr | ₹2.37 lakh cr | ₹2.62 lakh cr |
| YoY | — | — | +11% | +14% | −5% | +2% | +6% | +4% | +16% | +14% | +6% | +10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 15% | 12% | 15% | 16% | 14% | 15% | 15% | 1% | 15% | — | 1% | 0% |
| Net profit | ₹9,434 cr | ₹13,842 cr | ₹10,527 cr | ₹7,723 cr | ₹11,009 cr | ₹19,039 cr | ₹10,955 cr | ₹10,098 cr | ₹12,908 cr | ₹23,467 cr | ₹13,584 cr | ₹12,115 cr |
| YoY | — | — | +9% | −4% | +17% | +38% | +4% | +31% | +17% | +23% | +24% | +20% |
| EPS | ₹7.49 | ₹10.94 | ₹8.34 | ₹6.11 | ₹8.70 | ₹15.05 | ₹8.66 | ₹7.95 | ₹10.22 | ₹18.55 | ₹10.67 | ₹9.58 |
| Flags | · | · | · | · | · | · | · | 1 | · | 1 | · | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Life Insurance Corporation of India reported total income of ₹2.39 lakh cr (+3.6% on the year) and net profit of ₹10,098 cr (+30.8% on the year) for July to September 2025.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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