Shares of Life Insurance Corporation of India (LIC) saw a slight dip on Monday as the market anticipated a pivotal board meeting scheduled for later today. The primary agenda for the meeting is the consideration and potential approval of LIC's maiden bonus share issue, a significant event for the state-owned insurer since its listing in May 2022.
Board Meeting and Stock Performance
Ahead of the crucial announcement, LIC's shares opened approximately half a per cent lower at Rs 794.55. The company's market capitalization stood above Rs 5.02 lakh crore at the opening bell. However, the stock later dropped to Rs 782, reflecting a 2 per cent decline during Monday's trading.
LIC had previously informed exchanges on April 7, 2026, that its board of directors would convene on April 13 to deliberate on a proposal for issuing bonus shares, subject to subsequent shareholder approval. This move marks a new chapter for LIC in terms of rewarding its investors.
Analyst Expectations for Q4 Results
Simultaneously with the bonus share consideration, several brokerage firms have released their previews for LIC's fourth-quarter financial year 2026 results:
- YES Securities projects LIC's new business premium (NBP) at Rs 73,760.1 crore, indicating a 31 per cent quarter-on-quarter (QoQ) growth. Annual premium equivalent (APE) is estimated at Rs 18,343.4 crore (up 23 per cent QoQ, down 3 per cent year-on-year), with value of new business (VNB) seen at Rs 3,898 crore (up 10 per cent YoY, 23 per cent QoQ).
- Emkay Global anticipates a healthy 13 per cent growth in APE for Q4 FY26, driven by strong performance in the Group segment. For the full FY26, Emkay forecasts 15 per cent APE growth and a 20.5 per cent VNB margin for Q4, leading to a 26 per cent VNB growth. Emkay maintains a 'buy' rating with a trimmed target price of Rs 1,000.
- B&K Securities expects LIC's revenue to reach Rs 5,792.1 crore, representing a 23.6 per cent YoY and 55.7 per cent QoQ increase. Adjusted PAT is projected at Rs 4,719 crore, up 33.5 per cent YoY and 48.5 per cent QoQ. B&K Securities holds a 'hold' rating on the stock.
- Antique Stock Broking forecasts a VNB of Rs 12,690 crore for the entire FY26, with a return on EV at 10.8 per cent. They recommend a 'buy' rating with a target price of Rs 970.
- JM Financial also holds a 'buy' rating on LIC, setting a target price of Rs 1,300 per share.
These analyst reports highlight a continued focus on non-participating products, which is expected to contribute to VNB margin expansion.
LIC's Dividend History and IPO Performance
Since its listing in May 2022, LIC has declared five dividends, including a final dividend of Rs 12 per share in July 2025 and an interim dividend of Rs 4 per share in February 2024. The company's IPO raised Rs 20,557 crore, with shares offered at Rs 949 for retail investors. While LIC shares hit an all-time high near Rs 1,180 in August 2024, they are currently trading below their IPO price and recent highs. The Government of India retains a significant 96.5 per cent stake in LIC.