Life Insurance Corporation Of India · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Multiple analysts asked for margin impact quantification from loss of ITC on future margins. Management provided qualitative guidance only, stating confidence in growth offsetting impact. This remains an unquantified risk for H2 and FY27.
Persistency declined across most cohorts (13th month 75.29% vs 77.62% last year; 24th month 71.37% vs 72.24%). Management attributed to high volume of low ticket-size policies, but improvement only visible in 37th and 61st month cohorts. Declining persistency could impact future renewal income and VNB.
Analyst specifically asked about solvency ratio under RBC framework given LIC's long-duration liabilities. Management responded that numbers are 'dynamic and susceptible to change' pending finalization with regulator. Capital requirement uncertainty remains.
Overall market share declined to 59.41% from 61.07% YoY, with individual business share falling to 37.21% from 39.79%. Management did not set specific market share targets, focusing only on growth. Continued erosion could signal competitive pressure from private players.
