On a standalone basis, LIC reported a steady performance for the nine months ended December 31, 2025. Profit after tax increased 16.68% YoY to Rs 33,998 crore, compared with Rs 29,138 crore in the corresponding period last year.

The insurer retained its leadership position in the Indian life insurance market, with an overall market share of 57.07% for the nine-month period, marginally lower than 57.42% a year ago. During the period, LIC held a 35.84% market share in the individual segment and a dominant 71.36% share in the group business.

Product mix continued to improve, with individual business non-participating annualised premium equivalent surging 47.44% YoY to Rs 10,045 crore. As a result, the share of non-par APE within the individual business rose to 36.46% in 9M FY26 from 27.68% in the year-ago period.

Individual business APE grew 11.95% YoY to Rs 27,552 crore, while group business APE rose 23.14% YoY to Rs 16,455 crore. Overall APE increased 15.88% YoY to Rs 44,007 crore during the period.

Value of new business climbed 27.96% YoY to Rs 8,288 crore, supported by an expansion in net VNB margin by 170 bps to 18.8%, reflecting improved profitability of fresh business.

On the premium front, individual new business premium income increased 5.89% YoY to Rs 44,941 crore. Group business premium income rose 13.56% YoY to Rs 1,35,302 crore, taking total premium income up 9.02% YoY to Rs 3,71,293 crore for the nine months ended December 31, 2025.

The contribution of bancassurance and alternate channels to individual new business premium improved to 7.45% in 9M FY26 from 4.73% in 9M FY25, indicating gradual diversification of distribution channels.

Assets under management grew 8.01% YoY to Rs 59,16,680 crore as of December 31, 2025. The solvency ratio strengthened to 2.19 from 2.02 a year ago, while operating efficiency improved, with the expense ratio declining by 132 bps to 11.65% from 12.97% in the corresponding period last year. Yield on investments on policyholders’ funds, excluding unrealised gains, stood at 8.77%, slightly lower than 8.82% recorded a year earlier.

R Doraiswamy, CEO & MD, LIC said the consumers and the companies in the life insurance industry have responded positively to the various initiatives of the government, especially to GST 2.0. At LIC, we have further increased our performance by achieving higher and better parameters on volume growth as well as product and channel diversification.

LIC is engaged in the business of Life Insurance in and outside India. It offers a range of individual and group insurance solutions including participating, non-participating and unit linked business. The portfolio comprises of various insurance and investment products such as protection, pension, savings, investment, annuity, health, variable and CRAC.