Life Insurance Corp

₹983.3 5.8 | 0.6%

WEBSITE BSE:543526 NSE : LICI 06 Dec, 16:00

Market Cap ₹621937 Cr.

Stock P/E 15.2

P/B 6.4

Current Price ₹983.3

Book Value ₹ 154.4

Face Value 10

52W High ₹1221.5

Dividend Yield 1.02%

52W Low ₹ 737

Edit Ratio

Life Insurance Corp Research see more...

Equity Research Report - Life Insurance Corporation of India Limited

LICI: FY22 fair valuation around 520 but may scale 1075 by FY: 23-24

Overview Inc. Year: 1956Industry: Insurance

Life Insurance Corporation of India offers life insurance products in India, Fiji, Mauritius, and the UK. It provides individual projects, which includes collaborating coverage products; and non-participating products comprising savings coverage, term coverage, health insurance, annuity and pension, and unit-linked insurance merchandise; special merchandise for women and children, micro coverage merchandise; and riders, an add-on covers to the base policy to facilitate additional advantages linked to the accident, vital infection, and demise and premium waiver advantage. The organization additionally provides group products, including group term coverage, group savings coverage, group savings pension, and group annuity products. Life Insurance Corporation of India was established in 1956 and is primarily based in Mumbai, India.

Life Insurance Corp Share Price

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Peer Comparison

Life Insurance Corp Quarterly Results

#(Fig in Cr.)	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Net Sales	98805	132632	112297	132223	98755	107877	117432	152767	114230	120326
Other Income	70985	90506	85688	69411	91525	95444	96828	100198	98723	111601
Total Income	169791	223138	197985	201634	190280	203321	214260	252965	212953	231926
Total Expenditure	168369	202373	195046	189481	180168	194563	204745	238410	202145	224532
Operating Profit	1421	20765	2939	12154	10113	8759	9515	14555	10808	7394
Interest	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	1421	20765	2939	12154	10113	8759	9515	14555	10808	7394
Provision for Tax	1481	5452	-2458	991	1461	1181	1424	2031	1629	1145
Profit After Tax	-60	15313	5397	11163	8651	7577	8092	12524	9179	6249
Adjustments	662	542	952	2028	984	453	1377	1257	1365	1480
Profit After Adjustments	603	15854	6349	13191	9635	8030	9469	13782	10544	7729
Adjusted Earnings Per Share	1	25.1	10	20.9	15.2	12.7	15	21.8	16.7	12.2

Life Insurance Corp Profit & Loss

#(Fig in Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Net Sales	339972	382476	405398	429501	475957	476831	504755
Other Income	230838	263130	298281	294925	315157	380087	407350
Total Income	570810	645605	703679	724425	791114	856919	912104
Total Expenditure	567669	644929	689936	706540	744236	811931	869832
Operating Profit	3141	677	13743	17885	46878	44988	42272
Interest	41	58	114	87	77	128	0
Depreciation	429	779	417	436	466	466	0
Exceptional Income / Expenses	0	0	0	0	0	0	0
Profit Before Tax	2642	2719	2983	4165	36081	41057	42272
Provision for Tax	15	8	9	40	84	141	6229
Profit After Tax	2627	2710	2974	4125	35997	40916	36044
Adjustments	0	0	0	0	0	0	5479
Profit After Adjustments	2627	2710	2974	4125	35997	40916	41524
Adjusted Earnings Per Share	4.2	4.3	4.7	6.5	0	0	65.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	0%	6%	7%	0%
Operating Profit CAGR	-4%	48%	70%	0%
PAT CAGR	14%	140%	73%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	32%	NA%	NA%	NA%
ROE Average	63%	78%	114%	139%
ROCE Average	63%	78%	47%	40%

Life Insurance Corp Balance Sheet

#(Fig in Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	986	1088	6905	11365	46545	83092
Minority's Interest	0	0	0	0	0	0
Borrowings	269401	253414	4	1	0	0
Other Non-Current Liabilities	3116583	3180303	3754444	4186117	4487268	5184107
Total Current Liabilities	40282	65032	68171	56574	44678	48849
Total Liabilities	3427252	3499837	3829524	4254058	4578491	5316047
Fixed Assets	13857	13838	3326	3372	3505	3672
Other Non-Current Assets	3162214	3228647	3640754	4051842	4377313	5115276
Total Current Assets	251181	257352	185444	198844	197673	197099
Total Assets	3427252	3499837	3829524	4254058	4578491	5316047

Life Insurance Corp Cash Flow

#(Fig in Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	58695	67906	63194	36118	44866	45588
Cash Flow from Operating Activities	13274	54367	80602	-3783	54519	26122
Cash Flow from Investing Activities	8765	-41809	148792	12099	-54472	-25400
Cash Flow from Financing Activities	-13700	-18664	-256125	0	-949	-4427
Net Cash Inflow / Outflow	8339	-6106	-26731	8316	-902	-3706
Closing Cash & Cash Equivalent	67906	63194	36118	44866	45588	42014

Life Insurance Corp Ratios

#	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	4.15	4.29	4.7	6.52	0	0
CEPS(Rs)	4.15	4.29	4.7	6.52	56.91	64.69
DPS(Rs)	4.2	4.3	0	1.5	3	10
Book NAV/Share(Rs)	1.56	1.72	10.91	17.96	73.59	131.37
Core EBITDA Margin(%)	-66.98	-68.62	-70.19	-64.5	-56.37	-70.28
EBIT Margin(%)	0.78	0.71	0.74	0.97	7.58	8.61
Pre Tax Margin(%)	0.78	0.71	0.74	0.97	7.58	8.61
PAT Margin (%)	0.77	0.71	0.73	0.96	7.56	8.58
Cash Profit Margin (%)	0.77	0.71	0.73	0.96	7.56	8.58
ROA(%)	0.08	0.08	0.08	0.1	0.83	0.84
ROE(%)	266.49	261.64	74.46	45.16	124.33	63.13
ROCE(%)	0.98	1.04	2.28	45.59	124.62	63.34
Receivable days	0	0	0	0	0	0
Inventory Days	0	0	0	0	0	0
Payable days	0	0	0	0	0	0
PER(x)	0	0	0	0	0	0
Price/Book(x)	0	0	0	0	7.27	6.96
Dividend Yield(%)	0	0	0	0	0.56	1.09
EV/Net Sales(x)	-0.2	-0.16	-0.09	-0.09	0.61	1.13
EV/Core EBITDA(x)	-21.59	-93.19	-2.62	-2.15	6.24	11.93
Net Sales Growth(%)	0	12.5	5.99	5.95	10.82	0.18
EBIT Growth(%)	0	2.88	9.72	39.62	766.38	13.79
PAT Growth(%)	0	3.16	9.73	38.69	772.71	13.67
EPS Growth(%)	0	3.16	9.73	38.69	-100	0
Debt/Equity(x)	0	0	0	0	0	0
Current Ratio(x)	4.12	3	2.23	2.78	3.32	3.09
Quick Ratio(x)	4.12	3	2.23	2.78	3.32	3.09
Interest Cover(x)	0	0	0	0	0	0
Total Debt/Mcap(x)	0	0	0	0	0	0

Life Insurance Corp Shareholding Pattern

#	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoter	96.5	96.5	96.5	96.5	96.5	96.5	96.5	96.5	96.5	96.5
FII	0.12	0.18	0.17	0.08	0.08	0.1	0.06	0.15	0.19	0.15
DII	1.06	0.91	0.92	0.89	0.83	0.84	1	0.86	0.94	1.16
Public	2.32	2.42	2.42	2.53	2.59	2.56	2.44	2.49	2.37	2.18
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoter	610.36	610.36	610.36	610.36	610.36	610.36	610.36	610.36	610.36	610.36
FII	0.78	1.12	1.05	0.51	0.52	0.62	0.4	0.92	1.21	0.96
DII	6.69	5.73	5.8	5.66	5.26	5.34	6.31	5.46	5.95	7.36
Public	14.67	15.29	15.29	15.97	16.36	16.19	15.42	15.76	14.98	13.81
Others	0	0	0	0	0	0	0	0	0	0
Total	632.5	632.5	632.5	632.5	632.5	632.5	632.5	632.5	632.5	632.5

Pros

Company has delivered good profit growth of 73% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 78%
Company is almost debt free.

Cons

Stock is trading at 6.4 times its book value.
Earnings include an other income of Rs. 380087 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.