LIC Q2 Review: ICICI Securities Maintains ‘Buy’ Call, Sees 23% Upside – Check Target Price

Life Insurance Corporation of India (LIC) has witnessed a significant growth in its annual premium equivalent (APE) in the first half of FY26, with a 3.6% year-on-year (YoY) increase. The company’s strategic initiatives have also tracked well consistently, leading ICICI Securities to maintain its ‘Buy’ call on the stock.

Strong Growth in APE

LIC’s APE growth has been impressive, with a 12.3% YoY increase in the first half of FY26. This growth has been driven by the company’s focus on increasing its non-participating product mix, which now accounts for 36% of its individual APE. This is a significant increase from the 9% recorded in FY23, 18% in FY24, and 28% in FY25.

The company’s ability to push its product mix towards non-participating products is a positive development, as it is expected to improve its profitability and reduce its dependence on participating products. Non-participating products are those where the policyholder does not participate in the profits of the company, and are generally considered to be less risky than participating products.

Strategic Initiatives

LIC has been continuously revising its pricing and product strategy to maximize shareholder value. The company has introduced several new products and has been focusing on increasing its online presence. These initiatives are expected to drive growth and improve the company’s market share.

The company’s strategic initiatives have been tracking well consistently, and ICICI Securities believes that they will continue to drive growth in the coming quarters. The brokerage firm has maintained its ‘Buy’ call on the stock, citing the company’s strong growth prospects and attractive valuation.

Target Price

ICICI Securities has set a target price of Rs 850 for LIC, which represents a potential upside of 23% from the current market price. The brokerage firm believes that the company’s strong growth prospects, attractive valuation, and consistent execution of its strategic initiatives make it an attractive investment opportunity.

Investors who are looking to invest in the life insurance sector may consider LIC as a potential option. The company’s strong brand, large distribution network, and consistent execution of its strategic initiatives make it a attractive investment opportunity.

Indian Stock Market Outlook

The Indian stock market has been volatile in recent times, with the Nifty 50 index trading in a range. The market is expected to remain volatile in the coming quarters, driven by global economic trends and domestic factors such as the upcoming budget and elections.

Investors who are looking to invest in the Indian stock market may consider a long-term perspective, as the market is expected to continue to grow in the coming years. They may also consider diversifying their portfolio by investing in different sectors and asset classes, such as equity mutual funds and index funds.

Conclusion

In conclusion, LIC’s Q2 review has been positive, with the company witnessing strong growth in its APE and strategic initiatives tracking well consistently. ICICI Securities has maintained its ‘Buy’ call on the stock, citing the company’s strong growth prospects and attractive valuation. Investors who are looking to invest in the life insurance sector may consider LIC as a potential option.