Highlights:

• Centrum Broking, Macquarie Research, Batlivala & Karani Securities, BOB Capital, and JM Financial have reaffirmed bullish ratings on LIC.
• Average target price across these brokerages ranges between ₹1,111 and ₹1,194 per share.
• LIC reported a 16.36% rise in Profit After Tax (PAT) to ₹21,040 crore for H1 FY26.
• Total Premium Income increased by 5.14% YoY to ₹2,45,680 crore, reaffirming its leadership in the Indian insurance sector.

The Life Insurance Corporation of India (NSE:LICI) continues to receive optimistic assessments from leading brokerage houses, with most analysts maintaining ‘Buy’ or ‘Outperform’ recommendations after the release of its half-yearly financial performance for FY26.

Among the prominent brokerages, Centrum Broking Private Limited has maintained a ‘Buy’ recommendation on LIC, setting a target price of ₹1,194 per share. Macquarie Research echoed a similar stance, retaining its ‘Outperform’ rating with a target of ₹1,190 per share.

Batlivala & Karani Securities India Pvt. Ltd. has also reiterated a ‘Buy’ call with a target price of ₹1,135, while BOB Capital Markets Ltd. maintained a ‘Buy’ rating at ₹1,120 per share. Additionally, JM Financial Institutional Securities Limited reaffirmed its ‘Buy’ recommendation with a price target of ₹1,111.

These ratings might follow LIC’s financial performance for the half year ended September 30, 2025 (H1 FY26). The insurer reported a 16.36% increase in Profit After Tax (PAT) to ₹21,040 crore, compared to ₹18,082 crore in the same period last year. Total Premium Income grew 5.14% year-on-year to ₹2,45,680 crore, supported by growth across both group and individual businesses.

On a business basis, LIC’s Group Business APE rose 20.30% to ₹11,864 crore, while Individual Non-Par APE grew a robust 30.47% to ₹6,234 crore, reflecting the company’s expanding product mix. The Value of New Business (VNB) increased 12.30% to ₹5,111 crore, and the VNB margin strengthened by 140 basis points to 17.6%.

Operationally, LIC maintained a healthy Solvency Ratio of 2.13, up from 1.98, and Assets Under Management (AUM) increased by 3.31% to ₹57.23 lakh crore. The insurer also reduced its overall expense ratio to 11.28%, down by 146 basis points.

Despite fluctuations in policy count and a marginal dip in market share in individual business, LIC remains the undisputed leader in India’s life insurance market with a 59.41% overall market share, including 72.74% in the group business segment.

With multiple brokerages reaffirming ‘Buy’ and ‘Outperform’ recommendations, LIC’s outlook appears firmly positive.

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