Financials Life Insurance Corporation of India

Equities

LICI

INE0J1Y01017

Life & Health Insurance

Market Closed - NSE India S.E. Other stock markets 07:43:48 2024-04-26 am EDT			5-day change	1st Jan Change
988 ^INR	+0.36%		+1.52%	+18.68%

Apr. 19	India govt open to selling stake in GIC Re, LIC in FY24/25, says source	RE
Apr. 18	Life Insurance Corporation of India Appoints Mr. R Chander as Executive Director (Strategic Business Unit - International Operations)	CI

Valuation

Fiscal Period: March	2023	2024	2025	2026
Capitalization ¹	3,379,763	6,249,414	-	-
Enterprise Value (EV) ¹	2,924,777	5,794,818	5,753,606	5,708,188
P/E ratio	9.39 x	18.4 x	16.6 x	14.7 x
Yield	0.56%	0.5%	0.59%	0.5%
Capitalization / Revenue	0.43 x	0.73 x	0.66 x	0.61 x
EV / Revenue	0.37 x	0.68 x	0.61 x	0.56 x
EV / EBITDA	7.9 x	21.4 x	19.1 x	18.1 x
EV / FCF	-	-	-	-
FCF Yield	-	-	-	-
Price to Book	7.31 x	8.32 x	5.94 x	4.21 x
Nbr of stocks (in thousands)	6,324,998	6,324,998	-	-
Reference price ²	534.4	988.0	988.0	988.0
Announcement Date	5/24/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2022	2023	2024	2025	2026
Net sales ¹	-	7,911,044	8,583,501	9,407,705	10,211,640
EBITDA ¹	-	370,334	271,087	300,973	314,800
EBIT ¹	-	360,809	343,220	384,915	423,821
Operating Margin	-	4.56%	4%	4.09%	4.15%
Earnings before Tax (EBT) ¹	-	360,809	346,122	385,690	439,063
Net income ¹	41,247	359,966	350,606	376,504	429,318
Net margin	-	4.55%	4.08%	4%	4.2%
EPS ²	6.520	56.91	53.66	59.47	67.41
Free Cash Flow	-	-	-	-	-
FCF margin	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-
Dividend per Share ²	-	3.000	4.950	5.850	4.926
Announcement Date	5/30/22	5/24/23	-	-	-

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
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
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	495,808	541,226
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow	-	-	-	-	-
ROE (net income / shareholders' equity)	-	125%	56.8%	39.8%	31.5%
ROA (Net income/ Total Assets)	-	0.83%	0.66%	0.63%	0.6%
Assets ¹	-	43,505,736	53,001,714	60,144,465	71,612,715
Book Value Per Share ²	-	73.10	119.0	166.0	235.0
Cash Flow per Share	-	-	-	-	-
Capex	-	-	-	-	-
Capex / Sales	-	-	-	-	-
Announcement Date	5/30/22	5/24/23	-	-	-

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

988 INR

Average target price

1,089 INR

Spread / Average Target

+10.20%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Life Insurance

	1st Jan change	Capi.
LIFE INSURANCE CORPORATION OF INDIA	+18.68%	74.93B
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.	+3.05%	95.15B
CHINA LIFE INSURANCE COMPANY LIMITED	+1.78%	94.71B
AIA GROUP LIMITED	-20.65%	77.24B
CHINA PACIFIC INSURANCE (GROUP) CO., LTD.	+6.69%	30.04B
JAPAN POST HOLDINGS CO., LTD.	+18.06%	27.87B
FUBON FINANCIAL HOLDING CO., LTD.	+4.32%	26.97B
SBI LIFE INSURANCE COMPANY LIMITED	-1.21%	16.99B
HDFC LIFE INSURANCE COMPANY LIMITED	-9.10%	15.16B
NN GROUP N.V.	+20.70%	12.62B

Life Insurance