Financials Life Insurance Corporation of India

Equities

LICI

INE0J1Y01017

Life & Health Insurance

Market Closed - NSE India S.E. Other stock markets 07:43:54 2024-07-03 am EDT			5-day change	1st Jan Change
988.2 ^INR	+0.28%		-1.93%	+18.70%

Jun. 14	LIC Reportedly Looks to Buy A Standalone Private Health Insurer	CI
May. 31	Life Insurance Corporation of India Announces Superannuation of Navani Udaykumar as Executive Director (Coordination)	CI

Valuation

Fiscal Period: March	2023	2024	2025	2026
Capitalization ¹	3,379,763	6,232,969	-	-
Enterprise Value (EV) ¹	2,924,777	5,794,647	5,847,133	5,812,683
P/E ratio	9.39 x	14.2 x	15.4 x	14 x
Yield	0.56%	0.5%	0.47%	0.53%
Capitalization / Revenue	0.43 x	0.68 x	0.7 x	0.65 x
EV / Revenue	0.37 x	0.68 x	0.65 x	0.6 x
EV / EBITDA	7.9 x	21.3 x	17.1 x	15.4 x
EV / FCF	-	-	-	-
FCF Yield	-	-	-	-
Price to Book	7.31 x	8.3 x	5.27 x	3.95 x
Nbr of stocks (in thousands)	6,324,998	6,324,998	-	-
Reference price ²	534.4	985.4	985.4	985.4
Announcement Date	5/24/23	5/27/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2022	2023	2024	2025	2026
Net sales ¹	-	7,911,044	8,569,056	8,965,509	9,643,218
EBITDA ¹	-	370,334	271,087	342,663	376,843
EBIT ¹	-	360,809	410,566	409,263	457,333
Operating Margin	-	4.56%	4.79%	4.56%	4.74%
Earnings before Tax (EBT) ¹	-	360,809	410,566	437,130	486,819
Net income ¹	41,247	359,966	409,158	411,582	455,995
Net margin	-	4.55%	4.77%	4.59%	4.73%
EPS ²	6.520	56.91	64.69	64.20	70.40
Free Cash Flow	-	-	-	-	-
FCF margin	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-
Dividend per Share ²	-	3.000	4.950	4.607	5.208
Announcement Date	5/30/22	5/24/23	5/27/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q4	2025 Q1
Net sales	988,053	-	-	2,009,278	-	-	-	-	-
EBITDA	29,711	-	-	-	-	-	-	-	-
EBIT ¹	6,312	158,819	83,768	131,909	97,336	76,405	-	59,039	100,859
Operating Margin	0.64%	-	-	6.57%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income	-	158,544	83,487	-	-	95,870	176,653	-	-
Net margin	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	8/12/22	11/11/22	2/9/23	5/24/23	8/10/23	-	11/10/23	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-
Net Cash position ¹	-	454,986	454,596	385,836	420,286
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow	-	-	-	-	-
ROE (net income / shareholders' equity)	-	125%	56.8%	40.9%	32.9%
ROA (Net income/ Total Assets)	-	0.83%	0.66%	0.58%	0.59%
Assets ¹	-	43,505,736	53,001,714	70,779,396	77,091,322
Book Value Per Share ²	-	73.10	119.0	187.0	249.0
Cash Flow per Share	-	-	-	-	-
Capex	-	-	-	-	-
Capex / Sales	-	-	-	-	-
Announcement Date	5/30/22	5/24/23	5/27/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Life Insurance Corporation of India

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

985.4 INR

Average target price

1,099 INR

Spread / Average Target

+11.48%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Life Insurance

	1st Jan change	Capi.
LIFE INSURANCE CORPORATION OF INDIA	+18.70%	74.68B
CHINA LIFE INSURANCE COMPANY LIMITED	+7.71%	99.18B
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.	+4.64%	96.47B
AIA GROUP LIMITED	-21.90%	74.54B
FUBON FINANCIAL HOLDING CO., LTD.	+25.00%	32.32B
JAPAN POST HOLDINGS CO., LTD.	+30.73%	32.54B
SBI LIFE INSURANCE COMPANY LIMITED	+4.45%	17.94B
HDFC LIFE INSURANCE COMPANY LIMITED	-7.82%	15.2B
NN GROUP N.V.	+25.15%	13.1B
T&D HOLDINGS INC.	+34.35%	9.9B

Life Insurance