Life Insurance Corp

₹892 1.6 | 0.2%

WEBSITE BSE:543526 NSE : LICI 26 Dec, 16:01

Market Cap ₹564158 Cr.

Stock P/E 13.8

P/B 5.8

Current Price ₹892

Book Value ₹ 152.8

Face Value 10

52W High ₹1221.5

Dividend Yield 1.12%

52W Low ₹ 784.1

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.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

Life Insurance Corp Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Net Sales	236798	239483	266225	300197	317851	337185	379063	402844	427419	474005	475070
Other Income	143250	168064	158174	192430	205760	223599	236820	279361	293683	314048	378605
Total Income	380048	407546	424400	492627	523611	560784	615883	682205	721103	788053	853675
Total Expenditure	372394	402045	417150	484101	513767	550402	606361	671325	707523	744948	813141
Operating Profit	7653	5501	7250	8525	9845	10382	9522	10880	13579	43104	40534
Interest	72	74	55	47	46	39	58	112	85	76	126
Depreciation	258	236	243	326	302	333	375	413	433	465	465
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	1668	1834	2529	2248	2459	2703	2721	2907	4067	36457	40787
Provision for Tax	12	11	11	17	13	15	8	6	24	59	111
Profit After Tax	1657	1824	2518	2232	2446	2688	2713	2901	4043	36397	40676
Adjustments	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	1657	1824	2518	2232	2446	2688	2713	2901	4043	36397	40676
Adjusted Earnings Per Share	2.6	2.9	4	3.5	3.9	4.3	4.3	4.6	6.4	57.5	64.3

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	0%	6%	7%	7%
Operating Profit CAGR	-6%	55%	31%	18%
PAT CAGR	12%	141%	72%	38%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	14%	NA%	NA%	NA%
ROE Average	64%	81%	144%	275%
ROCE Average	64%	81%	144%	276%

Life Insurance Corp Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	530	551	572	602	627	655	722	6325	10368	45817	82065
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	0	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	1759023	2008274	2209753	2578190	2848109	3072562	3190952	3737521	4163920	4460257	5154916
Total Current Liabilities	5608	5659	5824	25656	36179	38594	62127	67910	56302	44438	48551
Total Liabilities	1765161	2014483	2216148	2604448	2884915	3111811	3253800	3811756	4230590	4550512	5285533
Fixed Assets	2783	2869	2911	2403	2574	2643	2767	3305	3354	3489	3655
Other Non-Current Assets	1585644	1874232	2061631	2438104	2707194	2934431	3028567	3629249	4036118	4360744	5096175
Total Current Assets	176735	137383	151606	163940	175147	174737	222466	179201	191118	186279	185703
Total Assets	1765161	2014483	2216148	2604448	2884915	3111811	3253800	3811756	4230590	4550512	5285533

Life Insurance Corp Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	81366	81107	64408	42933	32742	22694	42185	28624	30334	37575	38445
Cash Flow from Operating Activities	33247	54190	77405	70555	67865	19765	74769	55723	-3135	59718	28484
Cash Flow from Investing Activities	-33506	-69099	-97078	-78249	-75610	1895	-85763	-54186	10486	-58196	-27703
Cash Flow from Financing Activities	0	-1634	-1803	-2497	-2370	-2252	-2608	0	0	-949	-4427
Net Cash Inflow / Outflow	-259	-16543	-21475	-10191	-10115	19408	-13602	1537	7350	573	-3645
Closing Cash & Cash Equivalent	81107	64408	42933	32742	22694	42185	28624	30334	37575	38445	34712

Life Insurance Corp Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	2.62	2.88	3.98	3.53	3.87	4.25	4.29	4.59	6.39	57.55	64.31
CEPS(Rs)	2.62	2.88	3.98	3.53	3.87	4.25	4.29	4.59	6.39	57.55	64.31
DPS(Rs)	163.43	180.31	249.7	220.03	242.18	4.2	4.3	0	1.5	3	10
Book NAV/Share(Rs)	0.84	0.87	0.9	0.95	0.99	1.03	1.14	10	16.39	72.44	129.75
Core EBITDA Margin(%)	-57.26	-67.88	-56.69	-61.26	-61.64	-63.23	-59.96	-66.65	-65.53	-57.16	-71.16
EBIT Margin(%)	0.7	0.77	0.95	0.75	0.77	0.8	0.72	0.72	0.95	7.69	8.59
Pre Tax Margin(%)	0.7	0.77	0.95	0.75	0.77	0.8	0.72	0.72	0.95	7.69	8.59
PAT Margin (%)	0.7	0.76	0.95	0.74	0.77	0.8	0.72	0.72	0.95	7.68	8.56
Cash Profit Margin (%)	0.7	0.76	0.95	0.74	0.77	0.8	0.72	0.72	0.95	7.68	8.56
ROA(%)	0.1	0.1	0.12	0.09	0.09	0.09	0.09	0.08	0.1	0.84	0.84
ROE(%)	319.34	337.51	448.73	380.42	398.25	419.62	394.12	82.32	48.44	129.56	63.61
ROCE(%)	321.56	339.49	450.69	383.25	400.37	421.96	395.28	82.5	48.72	129.77	63.79
Receivable days	0	0	0	0	0	0	0	0	0	0	0
Inventory Days	0	0	0	0	0	0	0	0	0	0	0
Payable days	0	0	0	0	0	0	0	0	0	0	0
PER(x)	0	0	0	0	0	0	0	0	0	9.29	14.22
Price/Book(x)	0	0	0	0	0	0	0	0	0	7.38	7.05
Dividend Yield(%)	0	0	0	0	0	0	0	0	0	0.56	1.09
EV/Net Sales(x)	-0.37	-0.27	-0.16	-0.11	-0.07	-0.12	-0.08	-0.07	-0.07	0.63	1.15
EV/Core EBITDA(x)	-11.5	-11.68	-5.91	-3.83	-2.29	-4.05	-2.99	-2.78	-2.29	6.96	13.42
Net Sales Growth(%)	13.52	1.13	11.17	12.76	5.88	6.08	12.42	6.27	6.1	10.9	0.22
EBIT Growth(%)	11.97	9.96	37.85	-11.09	9.39	9.92	0.64	6.84	39.9	796.47	11.88
PAT Growth(%)	15.24	10.09	38.06	-11.36	9.62	9.9	0.9	6.93	39.39	800.23	11.75
EPS Growth(%)	15.24	10.09	38.06	-11.36	9.62	9.9	0.9	6.93	39.39	800.23	11.75
Debt/Equity(x)	0	0	0	0	0	0	0	0	0	0	0
Current Ratio(x)	4.34	6.13	3.34	2.18	1.88	3.11	1.71	2.16	2.68	3.14	2.92
Quick Ratio(x)	4.34	6.13	3.34	2.18	1.88	3.11	1.71	2.16	2.68	3.14	2.92
Interest Cover(x)	0	0	0	0	0	0	0	0	0	0	0
Total Debt/Mcap(x)	0	0	0	0	0	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 72% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 81%
Company is almost debt free.

Cons

Stock is trading at 5.8 times its book value.
Earnings include an other income of Rs. 378605 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.