LIC Share Price: VNB Growth Ne Lagayi Race! Share **7.26%** Bhaga, Target **₹1100** Paar?

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AuthorAnanya Iyer|Published at:
LIC Share Price: VNB Growth Ne Lagayi Race! Share **7.26%** Bhaga, Target **₹1100** Paar?
Overview

Arre bhaiyo aur beheno, LIC ke results aa gaye hain aur numbers dekh ke toh maja aa gaya! Company ne Q3 FY26 mein Annualised Premium Equivalent (APE) mein **16%** ki growth dikhayi hai, aur Value of New Business (VNB) toh 9 mahine mein **28%** badh gaya! Iske chalte, stock market mein LIC ka share **7.26%** bhag gaya, sidha ₹**901.50** pe pahunch gaya.

Toh yeh zabardast performance aaya kaise? Asal mein, LIC ne apna focus badha diya hai non-participating (non-par) policies par, jo zyada margin deti hain. Inka contribution ab APE ka 25.5% ho gaya hai, jo pehle sirf 20.5% tha. Is strategy se VNB margins 170 bps badh kar 21.2% ho gaye hain. ULIPs mein toh 102.6% ka growth dikha hai!

Yeh same time mein HDFC Life ke 18% APE growth aur ICICI Pru Life ke 15% APE growth se thoda alag hai, jahan growth zyada evenly spread tha. Aur haan, jo annuity business hai, jisse stable income aati hai, usmein 7.5% ki girawat aayi hai.

Par har coin ke do side hote hain. Agar ek taraf VNB badh raha hai, toh doosri taraf operational expenses bhi 13% badh gaye hain, jo ₹9,570 crore ho gaye hain Q3 FY26 mein. Isse expense ratio bhi 110 bps badh kar 12.4% ho gaya hai. Yaad hai, pichli baar Q3 FY25 results ke baad stock thoda gira tha kyunki VNB growth slow thi? Is baar toh situation bilkul alag hai! Company ka solvency ratio bhi 219% ho gaya hai, jo pehle 202% tha, matlab balance sheet ekdum solid hai.

LIC ki market cap ab lagbhag ₹5.6 lakh crore hai, aur P/E ratio 35x ke aas paas hai. Analysts toh filhaal kaafi khush dikh rahe hain. Bloomberg ke hisaab se 19 mein se 16 analysts 'Buy' karne ko keh rahe hain, aur average target price ₹1,101.26 diya hai. Motilal Oswal ne toh ₹1,200 ka target diya hai, jabki Jefferies ₹1,050 target ke saath 'Hold' keh raha hai.

Management bhi kaafi confident hai. Unka kehna hai ki future mein premium growth industry ke saath match karegi, bade ticket sizes aur GST benefits milenge. Cost cutting par bhi focus hai aur health insurance mein acquisition ke chances bhi explore kar rahe hain. Haan, competition badh raha hai, jisse market share ka risk hai, yeh woh bhi maan rahe hain.

Waise bhi, Indian life insurance sector aane wale 5 saal mein 10-12% CAGR se grow hone ka estimate hai, sabki insurance penetration aur demographics badh rahi hai.

Toh overall, LIC ne apne margin ko strong karne mein kamaal kiya hai, lekin kharchon par nazar rakhni hogi. Dekhte hain aage kya hota hai!

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