#1LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Ref. No.: LIC/SE/2023-24/27 To, The Manager Listing Department BSE Limited Phiroze Jeejeebhoy Tower Dalal Street Mumbai-400001 Scrip Code: (BSE- 543526/NSE - LICI) Dear Sir/Madam, The Manager Date: May 25th, 2023 Listing Department The National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor, Plot C/1, G Block, Bandra Kurla Complex Mumbai-400051 Sub: Conference Call with the Analyst/Investors- Presentation Pursuant to Regulations 30 and 46(2) (oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we hereby inform that the Presentation for Corporation's Analyst Call to be held on 25th May 2023 is available Corporation's website https://licindia.in/Investor-Relations/Financial- on the Details/Analysts-Investors-Meet/Analysts-Presentation This is for your information and dissemination. Yours faithfully, For Life Insurance Corporation of India Digitally signed Pawan by Pawan Agraw al Agrawal Date: 2023.05.25 06:11:45 +05'30' (Pawan Agrawal) Company Secretary & Compliance Officer केंद्रीय कार्यालय, "योगक्षेम", जीवन वीमा मार्ग, मुंबई 400021. Central office, "Yogakshema", Jeevan Bima Marg, Mumbai - 400 021.#2LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Investor Presentation FY 2023 May 24, 2023#3Agenda 1 - INTRODUCTION TO LIC 2 - BUSINESS AND FINANCIAL UPDATES 3 - ACTUARIAL UPDATES 4 - MARKETING AND DISTRIBUTION STRENGTHS 5- ACHIEVING OPERATIONAL EFFICIENCIES 6- KEY FOCUS AREAS APPENDIX INSURANCE MADE EASY LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA LIC#4योगक्षमं वहाम्यहम् LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 1 INTRODUCTION TO LIC#5Largest life insurer in India - clear market leader LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Largest Insurance company by Market Cap in India¹ 10th largest life insurer globally by total premium volume, 20213 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Composite business market share of 63.25% for FY22 and 62.58% for FY23 by First Year Premium Income² Source: Corporation data; ¹As per companiesmarketcap.com 2As per IRDAI data. ³ Swiss Re Sigma No 4/2022 LIC grew in FYPI by 16.67% from INR 1.98 lakh crore in FY22 to INR 2.32 lakh crore in FY232 4#6Our products designed to suit customer life cycle LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA LIC's MICRO BACHAT Participating Products LIC's JEEVAN SHIROMANI LIC'S LIC's AADHAAR STAMBH SPECIALLY FOR MEN Non-participating Products BIMA JYOTI Plan No.:860 UIN: 512N339002 LIC's Jee an AMAR LIC'S NEW JEEVAN SHANTI LIC's JEEVAN LABH LIC'S NEW ENDOWMENT PLAN LIC'S LIC's Jeevan TARUN Money Back Policy for Children LIC's BIMA SHREE LIC SHILA SPECIALLY FOR WONEN 544 UIN-512 LIC's AROGYA RAKSHAK LIC'S CANCER COVER LIC's SARAL Jeevan Bima LIC'S LIC's SP NIVESH PLUS Plan No: 852 UIN 512L334V01 LIC's BHAGYA LAKSHMI MICRO INSURANCE PRODUCT JEEVAN LAKSHYA New LIC'S Children's Money Back Plan Source: Corporation data, Product list indicative and not exhaustive. LIC'S New JEEVAN ANAND LIC'S SARAL PENSION LIC's TECH-TERM PLAN.NO. 854 UIN 512N33301 LIC's NEW JEEVAN MANGAL MICRO INSURANCE PRODUCT 5#7Progress on various initiatives - FY23 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA New Products Launch LIC'S DHAN SANCHAY LIC'S BIMA RATNA LIC'S Pension Plus Table No 603 UNIT LINKED PENSION PLAN LIC'S DHAN VARSHA LIC's NEW TECH-TERM PLAN.NO. 954 UIN: 512N351V01 Modification of Products for Increase in Non Par Business on APE basis Focus on Banca and Alternate Channel Digital Initiatives increasing persistency LIC'S SARAL PENSION LIC'S NEW JEEVAN SHANTI LIC's 字 JEEVAN AKSHAY MADHAAR VII SHILA SPECIALLY FOR WOMEN LIC'S LIC'S New Jeean AMAR LIC's Jeevan Azad Source: Corporation Data as on 31.03.2023 AADHAAR STAMBH SPECIALLY FOR MEN Individual business share of Non Par moved to 8.89% for FY23 as against 7.12% for FY22. It signifies our gradual and consistent move to diversifying our product mix aimed at increasing Non Par business share. ANANDA 10,00,000 Consistent 8,00,000 improvement in 6,00,000 Banca and 4,00,000 2,74,444 Alternate channels share in business from 2.92% for 2,00,000 FY22 to 3.44% for FY23 in terms of premium. FY 22 ■No of Policies 8,11,278 FY23 More than 8 lakhs policies completed through Atma Nirbhar Agent New Business Digital APP Number of e-Policies issued during FY23 1,96,77,839 Real time 24/7 online proposal deposit creation through payment gateway aggregator has been facilitated 6#8Cross cyclical and comprehensive life insurance solutions LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Comprehensive Product Portfolio 16 Participating products 20 Non-Participating Products (Including three Annuity Products)² 11 Group products (incl. one credit life and one annuity product)¹ 8 Riders LIC's Bima Ratna, LIC's Dhan Sanchay, LIC's New Pension Plus, LIC's Dhan Varsha, LIC's New Tech Term, LIC'S New Jeevan Amar, LIC'S Jeevan Azad and LIC's Group Accident Benefits Rider introduced in FY23 Source: Corporation Data as on 31.03.2023. 'excluding government run schemes such as 1. Pradhan Mantri Jan Dhan Yojana, 2. Aam Admi Bima Yojana, 3. Pradhan Mantri Shram Yogi Maan-dhan Yojana 4. Pradhan Mantri Kisan Maan-dhan Yojana, 5. Pradhan Mantri Laghu Vyapari Maan-dhan Yojana. 2 excluding PMVVY. 7#9New products launched during FY 23 Name of Products LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA LIC's Bima Ratna LIC's Dhan Sanchay LIC's New Pension Plus LIC's Dhan LIC's New Tech Varsha Term LIC's New Jeevan Amar LIC's Jeevan Azad Introduction date 27.05.2022 14.06.2022 05.09.2022 17.10.2022 23.11.2022 23.11.2022 19.01.2023 Par/Non Par Non-Par (Banca) Non-Par Non Par Non Par Non Par Non Par Non Par Product Categories Money Back Endowment Pension Endowment Term Term Endowment Features of product Non linked, individual, saving plan. Non linked, individual, saving plan. Unit linked, individual Non linked, individual, Non- Pension saving plan plan. Non-Linked, Participating, Individual Pure Risk Premium Plan Non-Linked, Non- Participating, Individual Pure Risk Premium Plan ' Non-Linked, Non- Participating Individual, Saving Life Insurance Plan Source: Corporation Data 8#10योगक्षमं वहाम्यहम् LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 2 BUSINESS AND FINANCIAL UPDATES#11Business performance parameters FY 23 INR 4,74,005 Cr FY 23 62.58% Total Premium Income +10.90 % Market Share in Premium¹ FY 22 INR 4,27,419 Cr FY 22 63.25% LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA INR in Crore -0.67 % (Absolute) FY 23 INR 58,757 Cr FY 23 INR 1,81,242 Cr Individual New Business Premium + 6.91% Total Group Business Premium +20.19% FY 22 INR 54,960 Cr FY 22 INR 1,50,798 Cr FY 23 INR 2,34,006 Cr Renewal Premium (Individual) FY 22 INR 2,21,661 Cr ↑ FY 23 71.76% + 5.57% Market Share in Policies¹ -2.86% (Absolute) FY 22 74.62% Source Corporation Data ¹As per IRDAI Data. Figures may not add up to total due to rounding off. 10#12Business performance parameters Weighted Received Premium FY 23 INR 35,605 Cr FY 22 INR 32,518 Cr ↑ + 9.49% Total New Business Sum Assured FY 23 INR 6,95,645 Cr FY 22 INR 6,65,754 Cr ↑ LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA INR in Crore + 4.49% FY 23 INR 560 Cr FY 23 INR 56,682 Cr Total COVID 19 Claims Paid -73.48% Total APE +12.49% FY 22 INR 2,112 Cr FY 22 INR 50,390 Cr FY 23 INR 23,423 Cr FY 23 22,526 Total Number of COVID Total Death Claim Paid -34.43 % - 70.83% 19 Claim FY 22 INR 35,720 Cr FY 22 77,222 Source Corporation Data.. Figures may not add up to total due to rounding off 11#13Financial performance parameters Profit After Tax FY 23 INR 36,397.40 Cr2 FY 22 INR 4043.13 Cr 1 FY 23 98.52% Claim Settlement Ratio Death FY 22 98.74% FY 23 8.29% FY 23 1.873 Solvency +0.02 Yield on Investment (Policyholders Fund)' FY 22 8.55% FY 22 1.85 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA INR in Crore -0.22% (Absolute) -0.26% (absolute) FY 23 INR 43,97,205 Cr FY 23 6.48% Assets Under Management +7.65% Yield on Investment (Shareholders Fund)' FY 22 INR 40,84,833 Cr FY 22 3.00% ↑ + 3.48% (absolute) Source Corporation Data. Without unrealized gains. Figures may not add up to total due to rounding off. 2The Corporation has changed its accounting policy during the current year and accordingly has transferred an amount of Rs.27,24,075.30 lakhs (Net of Tax) pertaining to the accretion on the Available Solvency Margin from Non Par to Shareholder's Account due to which the Profit for the financial year ended as on 31/03/2023 has increased to that extent. The said amount comprises of Rs.7,29,915.46 lakhs (Net of Tax) of quarter ended 31/03/2023, Rs. 15,39,928.96 lakhs (Net of Tax) up to 9 months ended 31/12/2022, and Rs. 4,54,230.88 lakhs (Net of Tax) of quarter ended 31/03/2022..³ Before considering the proposed final dividend for FY23. 12#14Performance ratios Total VNB Margin Net FY 23 16.2% FY 22 15.1% ↑ FY 23 91.67% Conservation Ratio FY 22 90.33% FY 23 2.56 % FY 23 0.00% Total Gross NPA Ratio Total Net NPA Ratio FY 22 6.03 % FY 22 0.04% FY 23 15.53 % Overall Expense Ratio FY 22 14.50% ↑ FY 23 5.39 % Commission Ratio FY 22 5.54% Source Corporation Data Figures may not add up to total due to rounding off. LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 13#15योगक्षमं वहाम्यहम् LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 3 ACTUARIAL UPDATES#16Indian Embedded Value (IEV) 5,90,000 5,80,000 5,70,000 5,60,000 5,50,000 5,44,291 5,41,492 5,39,686 5,40,000 5,30,000 5,20,000 5,10,000 30th Sept. 211 31st March 22 5,82,243 30th Sept. 22 31st March 23 Source: Corporation data, 'Milliman Report, IEV as on 30th September 2021 includes bifurcation impact of INR 3,74,172 crore. LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA INR in Crore 15#17Opening IEV Source: Corporation Data Indian Embedded Value (IEV) walk - March 2022 to March 2023 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 41,577 6,090 2,060 5,82,243 9,156 -17,183 -949 5,41,492 VONB Unwinding Operating Experience Variance Change in Operating Assumptions Economic Assumption Change & Variance Dividend payout Closing IEV Increase Decrease Total 16#18Build up of Embedded Value LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA A. Free surplus (FS) Components B. Required Capital (RC) INR in Crore March 2022 March 2023 10,527 36,403 9,712 C. Adjusted Net Worth (ANW) (C=A+B) 10,527 46,115 D. Present value of future profits (PVFP) 5,47,724 5,53,480 E. Time Value of financial options and guarantees (TVFOG) (2,076) (2,629) F. Frictional Cost of required capital (FC) G. Cost of residual non-hedgeable risks (CRNHR) (14,682) (14,703) H. Value of in-force (VIF) Business (H=D+E+F+G) 5,30,966 5,36,128 I. Indian embedded value (IEV) (I=C+H) 5,41,492 5,82,243 Source: Corporation data. Figures may not add up due to rounding. 17#19Analysis of movement in IEV Components Opening IEV LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA FY 2023 (INR in Crore) 5,41,492 Expected return on Existing Business At Reference Rate 23,150 At Expected 'real-world' return in excess of Reference rate 18,427 Operating assumptions change 2,060 VONB added during the period 9,156 Operating Experience Variance- Persistency 4,578 Operating Experience Variance- Expenses (1,009) Operating Experience Variance- Mortality and Morbidity 383 Operating Experience Variance- Others 2,138 IEV Operating Earnings (EVOP) 58,882 Economic Assumptions Changes and economic variances (17,183) IEV Total Earnings 41,699 Capital Contributions/dividends paid out Closing IEV (949) 5,82,243 Source: Corporation data. Figures may not add up to total due to rounding. 18#20Sensitivity analysis Sensitivity - Scenarios For the Year End Base results (INR in Crore) Reference rates An increase of 100 bps in the reference rates LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Change in Indian Embedded Value 3/2023 5,82,243 Change in New Business Margin (Percent) 3/2023 16.2% (0.2%) 2.6% Acquisition expenses Maintenance expenses Persistency A decrease of 100 bps in the reference rates 10% increase in acquisition expenses 10% decrease in acquisition expenses 10% increase in maintenance expenses 10% decrease in maintenance expenses 10% increase in discontinuance rates 10% decrease in discontinuance rates (0.0%) (3.8%) Not applicable (0.3%) Not applicable 0.3% (0.4%) (0.5%) 0.4% 0.5% (0.3%) (0.5%) 0.3% 0.5% Mortality/ 5% increase (multiplicative) in the mortality/ morbidity rates (0.1%) (0.0%) Morbidity 5% decrease (multiplicative) in the mortality/ morbidity rates 0.1% 0.0% Taxation Assumed tax rate increased to 25% (11.7%) (2.6%) Equity Equity values decrease by 10% (7.0%) (0.1%) Source: Corporation data 19#21Annualised Premium Equivalent (APE) APE Line of Business including Group Business LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA INR in Crore Line of Business FY22 FY23 Year on Year Growth A Individual Par 33,040 35,231 6.63% B Individual Non Par 2,532 3,436 35.70% C Total Individual (A+B) 35,572 38,667 8.70% D Group 14,818 18,015 21.57% E Total APE (C+D) 50,390 56,682 12.49% Source Corporation data Figures may not add up to total due to rounding off 20#22Break up of PAR and Non PAR business(APE) - FY22 to FY23 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Breakup of APE FY22 ■Non- Par ■ Par 7.12% 92.88% Source Corporation Data Breakup of APE FY23 8.89% 91.11% ■Non- Par Par 21 21#23Value of New Business (VNB) - before TVFOG, FC and CRNHR2 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Individual Business FY23 7,571 FY22 7,101 Par Business FY23 5,152 FY22 4,477 LIC of India FY23 (Gross) 11,553 FY22 (Gross) 9,920 Non Par Business¹ FY23 2,419 FY22 2,624 Group Business FY23 3,982 FY22 2,819 Source: Corporation data. 'Including ULIP 2Time Value of financial options and guarantees (TVFOG), Frictional Cost of required capital (FC), Cost of residual non-hedgeable risks (CRNHR) Figures may not add up to total due to rounding off. INR in Crore 22#24Value of New Business (VNB) margin Individual Business FY23 (Gross) 19.6% FY22 (Gross) 19.9% Par Business FY23 (Gross) 14.6% FY22 (Gross) 13.5% Source: Corporation data. Including ULIP. LIC of India FY23 (Net) 16.2 % FY22 (Net) 15.1% Non Par Business¹ FY23 (Gross) 70.4% FY22 (Gross) 103.6% LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Group Business FY23 (Gross) 22.1% FY22 (Gross) 19.0% 23#25VNB Walk March 2022 to March 2023 Source: Corporation Data 15.1% -0.9% Increase Decrease Total 1.8% 0.2% 16.2% LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Opening VNB Margin Impact of Product Benefits Economic Varience Impact of assumptions VNB Margin as on 31st March 2023 24 14#26Persistency ratio by number of policies 70.00% 64.28% 63.45% 60.70% 60.00% 56.97% 56.90% 54.09% 51.90% 51.05% 49.86% 49.86% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 13th Month 25th Month 37th Month 49th Month 61st Month Source Corporation data as per IRDAI guidelines LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA FY23 FY22 25 45#2790.00% Persistency ratio by premium 80.00% 77.09% 75.59% 73.47% 69.93% 70.05% 70.00% 66.58% 63.53% 63.85% 61.80% 61.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 13th Month 25th Month 37th Month 49th Month 61st Month Source Corporation data as per IRDAI guidelines LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA ■FY23 FY22 26#2860 60 50 40 30 20 10 0 Policyholders age and policy term¹ 54 57 Annuity Protection Average Age in Years 35 40 31 32 32 ULIP Non Par Savings Par Overall Source Corporation data, 1 Age and Term for Individual Products for FY23. 30 Average Policy Term in Years 27 25 20 17 15 14 10 ■ Average Age 5 2 0 23 23 Annuity Protection ULIP Non Par Savings Par Overall LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA ■Average Term 27#29योगक्षमं वहाम्यहम् LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 4 MARKETING AND DISTRIBUTION STRENGTHS#30Robust agency force 16,00,000 LARGEST AGENCY FORCE 25.00% GROWTH IN NO. OF AGENTS {2020 to 2023} 13,47,325 14,00,000 13,53,80813,26,432 12,80,883 12,08,826 11,16,175 19.75% 20.00% 12,00,000 10,69,640 11,01,268 10,00,000 15.35% 8,00,000 6,00,000 4,00,000 2,00,000 15.00% 11.46% 10.00% 5.00% FY20 FY21 FY22 FY23 0.00% PVT LIC ■ PRIVATE LIC INDUSTRY Source: Life Council LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Growth {FY23 over FY22} 14.76% LIC has dominant agency force - 50% plus of life insurance Industry. 1.58% 7.60% ■ PRIVATE LIC INDUSTRY 29#31Exclusive agency network well trained leading to highest productivity Loyal agency network with a mix of youth and experienced professionals 51-60 yrs 20% Mix of agents by age group Above 60 yrs 10% 41-50 yrs 30% Source: Corporation data as on 31.03.2023. Figures may not add up due to rounding. 18-30 yrs 15% 70% 60% Mix of agents by tenure ப 31-35 yrs 50% 12% Up to 5 Years, 40% 40% 30% 20% 36-40 yrs 13% 10% LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA More than 5 Years 60% 0% Up to 5 Years > 5 Years 30#32LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Agents' training Training in External Training Institutes - 4,604 Training in Sales Training Centres and Zonal Training Centres - 2,93,182 a family isy to go 1 cover to be s Life Insurance Cover you need Cover 20,527 Agents fulfilling the MDRT criteria 76.81% Agents recruited within the 18-40 years age group Total 4,10,502 agents trained in FY23 Imparted training to newly recruited Agents - 1,12,716 51.26% Market share by number of agents Producing highest number of MDRTs through recruitment of millennial generation & massive training Source: Corporation data as on 31.03.2023, 'The data pertain to the period from 01.01.2022 to 31.12.2022. 31#33Feet on street - ― our core distribution approach Organisational Structure 1.46% Employees 8 Zonal Office 3.22% Employees Agents Training Infrastructure 8 Zonal Training Centers 35 Sales Training Centers 113 Divisional Office 14.11% Employees 113 Divisional Training Centers 2048 Branch Office 81.21% Employees Satellite Offices 1580 Mini Offices 1169, 576 Agent Training Centers Total Agents 13,47,325 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 95.32% of Total employees are deployed at Divisional and Branch Office to look after operational activities. Source: Corporation data as on 31.03.2023. Figures may not add up due to rounding. Training is imparted to agents by senior officers to ensure quality of training. 32#34Differentiated business model with deep competitive moats Geographic distribution of individual agents (%) LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 53% 52% 52% 51% 50% 49% 48% 47% 46% 45% Metropolitan, Urban & Semi-urban 48% Rural PAN India presence of Agents which shows our feet on street Source Corporation data as on 31.03.2023 33#35Enhancing focus on building Omni-channel distribution network Snapshot of LIC's vast distribution capabilities $LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 13.47¹ lacs Agents exclusive to LIC 1602 Corporate Agents 123 Insurance Marketing Firms 19,437 Total Micro-insurance agents 80 Bancassurance partnerships 295 Brokers 40,7893 Premium points + 2,708 MICRO Insurance Premium Points 3,628 Branch and satellite offices Massive Distribution Network spread in each and every nook & corner of the country capable of turning the table at any point of time. Source: Corporation Data as on 31.03.2023. 1 Including 40,789 Premium Points; 2Including banks; 3 Out of 13.47 lacs agents. 34#36Enhancing focus on building Omni-channel distribution network LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Snapshot of LIC's vast distribution capabilities Individual NBP sourced in India via the banca and alternate channels (INR Crore) Distribution mix by individual NBP (%) 0.47% 0.28% 0.13% 0.35% 2.92% 3.44% ■ Agency FY 22 96.26% 96.15% FY 23 ■ Banca & alt. channels ■ Digital ■ Other 1,600 +26.25% 2,020 FY 22 FY 23 The agency channel is considered the bedrock of distribution for most life insurers globally Source: Corporation Data as on 31.03.2023. 35#37Break up of business PAR and Non PAR -FY23 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Breakup of NB premium Particulars Term Non Par NBP share 0.37 % Health Insurance 0.15% 65.89% ■Non- Par ■ Par Annuity/Pension 24.89% 34.11% Other Non Par 2.25% ULIP 6.45% Total 34.11% Share to total NB policies Non-Par 94.49% 5.51% Par Source: Corporation Data for FY23 Particulars Non Par NB share (No of policy) Term 0.44 % Health Insurance 1.16% Annuity/Pension 0.88% Other Non Par 1.31% ULIP 1.72% Total 5.51% 36#38Group business segment 76.70% Market share (premium) 76.60% 76.50% 76.40% 76.30% 76.65% 76.20% 76.10% 76.00% 75.90% FY23 Source: Corporation data. LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 200000 New Business premium INR in Crore 180000 160000 140000 120000 100000 1,73,258 80000 1,43,939 60000 76.16% 40000 20000 0 FY22 FY23 FY22 Growth - 20.37% YoY basis in Group new business premium 37#39योगक्षमं वहाम्यहम् LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA ACHIEVING OPERATIONAL 5 EFFICIENCIES#40Deeply entrenched into Bharat Assam Jammu & Kashmir; Ladakh Arunachal Pradesh Meghalaya Punjab Chandigarh Himachal Pradesh Uttarakhand Tripura Haryana Delhi Sikkim Uttar Pradesh Rajasthan Bihar Madhya Pradesh Jharkhand Gujarat Daman Diu Chhattisgarh West Bengal Dadra & Nagarhava Odisha Extensive domestic distribution network... LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Breakup of our Business State wise² Presence in Others 39% Maharashtra 12% Mizoram Manipur Nagaland 36 States and UTs Maharashtra Telangana Goa Andhra Pradesh Karnataka Puducherry Andaman & Nicobar Kerala Tamil Nadu Lakshadweep Offices cover 92% of districts in India, as compared to 79% for the combined private sector1,3 FY23 West Bengal 12% Uttar Pradesh 10% Gujarat 6% Andhra Pradesh 4% Tamil Nadu Rajasthan 4% Karnataka 6% 6% Source Corporation data as on 31.03.2023. 'Data as per the CRISIL report. 2 Data represents new business premium in India; ³Data as of March 31, 2022 as per the IRDAI Annual Report 2021-2022 39#41Share of women in policies issued Rising Share of women in policies sold¹ LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA In 16 States/UTs, the share in number of policies bought by women to the total policies sold was higher than the all-India average of 34.7%² 50% 45% 44% 45% 42% 42% 41% 40% 35% 30% 25% 20% 15% 10% 5% 26% 30% 30% 26% 27% |||||mi| 0% Karnataka Kerla Sikkim Goa Arunachal J&K Ladhakh Haryana Rajasthan Uttar Pradesh Pradesh 73.15 Lacs Policies bought by Women out of total 204.65 lacs policies sold by LIC during FY23 36% 64% Out of the total 6,99,429 women agents, the share of LIC is 48%3 Source Corporation data as on 31.03.2023.1 Data represents new business premium in India; 2As per IRDAI Annual Report 2021-2022; 3As per IRDAI Annual Report 2021-2022. 40#42LIC marketing distribution - geared to recover/enhance market share ✔ LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA LIC BUSINESS PERCENTAGE IN INDUSTRY BY PREMIUM' LIC BUSINESS PERCENTAGE IN INDUSTRY BY PREMIUM¹ 15 10 505250225O50 45 40 35 30 80 75 73 69 68 70 65 62 60 59 59 60 60 62 59 59 50 50 Apr-21 71 80 74 59 59 = May-21 75 64 69 70 Jun-21 65 65 66 67 68 64 65 Jul-21 60 58 47 Aug-21 ■Sep-21 Oct-21 Nov-21 Dec-21 50525022 42 44 45 ■Apr-22 ■May-22 58 Jun-22 55 52 Jul-22 ■Aug-22 40 ■Sep-22 35 Oct-22 30 Nov-22 Dec-22 Jan-22 15 Jan-23 Feb-22 10 Feb-23 5 Mar-22 Mar-23 First Year Premium First Year Premium Source: IRDAI Data 41#43LIC marketing distribution - geared to recover/enhance market share LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA LIC BUSINESS PERCENTAGE IN INDUSTRY BY POLICIES¹ 81 80 75 73 74 74 7775 75 72 72 69 70 66 64 99 65 60 45 40 35 30 15 10 P525252525050 Source: IRDAI Data LIC BUSINESS PERCENTAGE IN INDUSTRY BY POLICIES¹ 80 ■Apr-21 75 ■May-21 70 69 71 72 73 7573 76 74 71 69 69 68 ■Apr-22 66 ■May-22 65 ■Jun-21 60 Jul-21 55 ■Aug-21 50 Jun-22 Jul-22 ■Aug-22 45 ■Sep-21 40 ■ Oct-21 35 ■■Sep-22 Oct-22 Nov-21 30 Nov-22 ■Dec-21 25 Dec-22 20 Jan-22 15 Jan-22 Feb-22 10 Feb-22 Mar-22 5 Mar-22 0 Number Of Policies Number of Policies 42#44Technological innovations at LIC LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Solutions designed to enhanced operational efficiency and respond with speed to specific situations - Ananda APP – launched during COVID to enable Agents to do business without meeting customers face to face ANANDA ATMA NIRBHAR AGENT NEWBUSINESS DIGI APP Select User Type JCLLA with poveond Login Uson I-d Pasword SIGH IN LICE NEW DECADE NEW DREAMS Activities in the Branch... Live Intimation on LIC DIGITAL NB PLATFORM Scrutiny of policy as per the Numbering of LIC LIC am wea Once the branch completes the proposal, an auto generated FPR is sent to the customer Time to Policy conclusion is less than 8 Minutes. Now ANANDA APP integrated to WhatsApp. Total 8,11,278 new policies issued by ANANDA APP during FY 23 Source Corporation data as on 31.03.2023. 43#45Strengthening our digital process Get an Aadhaar based Digital Life Certificate. For Individual Pension Policyholders with LIC's JEEVAN SAAKSHYA MOBILE APP Empowering Policyholders LIC : LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA DOCUMENTS Jeevan Saakshya 1 >>> 9 Generate Certificate View Certificate एल आई सी मित्र / LIC MITRA आप अपने प्रश्न POLICY HOLDER LIC EMPLOYEE + Add New Policy मुझसे पूछ सकते हैं ! / Got questions? Ask me!! ธ LOGIN Application facilitate submission of Digital existence certificate for individual pension plan and staff pensioners of LIC Source Corporation data 1. Policy Status 2. First Unpaid Premium date 3. Last paid premium date 4. Download forms 5. Product information etc. LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA G PAY Direct Pay Premium Online Through Customer Portal NEW USER LIC docQ Application helps user to submit documents online. Pay Direct (Without Login) 44#46LIC on Whatsapp SERVICES Verified conversation Ease of interaction WhatsApp Automated Messages Streamlined customer services LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA CONDITIONS Eligible for portal registered users who have logged into portal at least once 00000 The mobile registered in the portal and the Whatsapp mobile no. should be same WhatsApp services started on 01.12.2022 and 1,75,82,427 customers opted/enabled as on 31.03.2023. Source Corporation Data 45#47Empowering policyholders and agents in a digital world LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Buy Policy Online Buy Online Policies LIC Dhan Rehha A Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan) NEW JEEVAN SHANTI A Deferred Annuity plan to ensure a steady income throughout your life. LIC'S BIMA JYOTI A Non-Linked Plan to pile up your gains with Guaranteed Additions on Basic Sum Assured. JEEVAN AKSHAY VII An Immediate Annuity plan to ensure life-long gauranteed income LIC'S SARAL Jeevan Bima A low-cost non-linked Pure Risk Plan to provide financial security to your family. LIC'S TECH-TERM PLAKING A UC's CANCER A low cost Online Pure Protection आयुर्विमा COVER plan to ensure financial security Life Insurance Corporation of India Pradhan Mantri Vaya Vandana Yojana Immediate Pension plan for senior citizens with a term of 10 years for your family LIC's NIVESH PLUS Pan No: 649 UN5123170 A Single Premium ULIP with control over Risk Cover along with market-linked investment. 20 A Non-Linked, Regular Premium health plan to armour you financially in case of cancer Ship A Regular Premium ULIP that provides life Insurance cover and growth of Investment, LIC's SARAL PENSION UN SONA A Non-Linked, Non-Participating, Single Premium, Individual Immediate Annuity Plan LICS O DHAN SANCHAY A Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan Source Corporation data Click here to buy كا 46 46#48Operational efficiency- illustration - print to post solution LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Print to Post - Developed Solution with Postal Department Policy bond printing and delivery solution. BRANCH OFFICE - 2048 SATELITE OFFICE -1580 POST OFFICES DELHI, MUMBAI, HYDERABAD & KOLKATA CUSTOMER ACROSS INDIA Dispatch of policy bond through speed post Tracking of policy bond Undelivered through speed post tracking system return to Branch Office The print to post solutions was launched on 31/01/2022 in 8 divisions & extended to pan India from 14/03/2022' The number of policies printed and dispatched through Print to Post during FY23 is 2,34,09,772. Source: Corporation Data 'Presently only 2 divisions viz Rohtak, Karnal and some branches under D.O.-III Delhi, D.O. II Delhi & Jorhat where e mudrank is not available are not covered under print to post. 47#49LIC digital Loan payment and repayment Online service requests Change of Mode PAN data registration Source Corporation data Aadhaar based change of address e-NACH LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA ULIP fund switch NEFT registration 48 48#50Channel wise digital collection- rising share of digital collection Modes of premium collection and percentage to total policies LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 30.00% 25.00% 20.00% 15.00% 13.47% 11.62% 10.00% 8.83% 8.47% 5.00% 27.50% 27.01% 25.58% 25.63% 0.60% 0.53% 0.95% 0.99% 0.00% LIC Portal/APP Other Apps 1 Bill Pay NACH & Direct Debit Merchant Banks & Frenchisees ■FY22 FY23 Source Corporation data as at 31.03.2023 'Other APPS includes (Amazon Pay,Bajaj Finserv, CRED,Free Charge, Google Pay, Insta Pay,Just Dial, MOBIKWIK, Phone Pe, Paytm ) 24.92% 23.90% Cash counter 49#51LIC digital LIC customer APP users App rating 70 4.1/5.001 60 50 45.4 40 30 20 10 61.23 57.5 Figures in Lakh No. of Customers 250 200 150 100 50 550 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Portal registered customers Figures in Lakh 216 193.8 169 FY21 FY22 FY23 0 FY21 FY22 FY23 Source Corporation data,. 'App Rating as on 31.03.2023 50#52Customer care - at our core philosophy ❖ Settled total death claims of Rs. 23,423 crore in FY23 as against Rs. 35,720 crore in FY22. ✰ Claim settlement ratio (Death) in FY23 is 98.52% by number as against 98.74% in FY22. * The number of policyholders complaints per 10,000 policies sold in FY23 is 39.83. ❖ Repudiated claim ratio for FY23 is 0.87%1. *55 Lacs plus queries resolved through call center/IVRS in FY23. Trust of customers gained by consistently high delivery standard. Source Corporation data. 'repudiation claim in number. LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 51#53योगक्षमं वहाम्यहम् LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 6 KEY FOCUS AREAS#54Strategy - Key Focus Areas LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA I. Diversify Product Mix - Focus on enhancing Non Par Share. II. Launch New Products based not only on customer needs but also channel needs. III. Increase digital processes all across to drive higher efficiency. IV. Create optimum mix of distribution channels while retaining focus on Agency Channel. V. Enhance yields on Investment Portfolio without compromising on risk and quality. VI. Prepare organization for potential regulatory changes to respond with speed to a new environment. 53#55योगक्षमं वहाम्यहम् LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA APPENDIX#56Highly experienced management team, distinguished Board and strong corporate governance framework Experienced Board of Directors Shri Siddhartha Mohanty Whole-time Chairperson Shri Suchindra Misra Government Nominee Director LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Smt. Ipe Mini Managing Director Shri M Jagannath Managing Director Shri Tablesh Pandey Managing Director Dr. Ranjan Sharma Independent Director Shri Vinod Kumar Verma Independent Director Shri Anil Kumar Independent Director Smt. Anjuly Chib Duggal Independent Director Shri Gurumoorthy Mahalingam Independent Director Shri Raj Kamal Independent Director Shri Vankipuram Srinivasa Parthasarathy Independent Director Shri Vijay Kumar Muthu Raju Paravasa Raju Independent Director Shri Sanjeev Nautiyal Independent Director Eminent board of directors and management team, with extensive experience in the life insurance industry, leading to a strong governance framework Source: Corporation data. 55 55#57Financials - Standalone Balance Sheet (INR lakhs) Particulars Sources of funds Shareholders' funds: Share capital Reserves and surplus Credit/debit) fair value change account Minority interest (shareholders) Sub-total Borrowings Policyholders' funds Funds for discontinued policies Insurance reserves Provision for linked liabilities Sub-total Funds for future appropriations Total Investments Shareholders' LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA For the Year ended March 31, 2022(Standalone) March 31, 2023(Standalone) 6,32,499.77 4,04,304.56 4,109.56 0 10,40,913.89 0 41,10,27,879.13 8,234.55 12,85,462.99 6,32,499.77 39,49,204.86 (14,765.13) 0 45,66,939.15 0 43,99,52,883.42 17,722.26 23,88,583.06 41,47,10,159.73 1,83,443.31 41,59,34,516.93 15,67,807.24 26,15,924.28 44,41,54,337.20 3,91,867.41 44,91,13,144.11 Policyholders' Assets held to cover linked liabilities Loans Fixed assets Current assets Current liabilities Net current assets Total Source: Corporation data 6,41,213.63 38,95,69,349.57 23,93,863.99 1,09,87,563.57 3,55,202.31 1,91,11,783.85 71,24,459.99 1,19,87,323.86 41,59,34,516.93 29,36,352.68 41,89,17,775.51 26,30,954.25 1,15,56,242.76 3,81,962.24 1,86,27,932.77 59,38,076.10 1,26,89,856.67 44,91,13,144.11 56#58Financials - Standalone Statement of Revenue (Policyholders' Account) (INR lakhs) Particulars Premiums earned - net (a) Premium (b) Reinsurance ceded Sub-total Income from investments (a) Interest, dividends & rent - gross (b) Profit on sale/redemption of investments (c) (Loss) on sale/redemption of investments (d) Transfer/gain on revaluation/change in fair value (e) Other income March 31, 2022(Standalone) 4,28,02,497.15 (60,575.94) 4,27,41,921.21 2,52,60,799.36 49,77,679.23 For the year ended March 31, 2023(Standalone) LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 4,74,66,813.63 (66,352.58) 4,74,00,461.05 2,73,68,495.52 49,46,320.74 (f) Contribution from Shareholders' A/Cs towards others Total (A) Commission Operating expenses related to insurance business Other expenses Goods & Service tax on fund management & other charges Provision for taxation Provisions for doubtful debts Provisions (other than taxation) Total (B) Benefits paid (net) Interim bonuses paid Change in valuation of liability in respect of life policies Transfer to funds for future appropriation Transfer to funds for discontinued policies Total (C) Surplus/(deficit) (D) = (A - B - C) Total surplus/deficit Transfer to provision for linked liabilities (9,37,690.65) (11,342.60) 77,947.91 8,32,746.46 7,29,42,061.92 23,17,145.53 38,89,067.80 0 9,076.44 (1,29,895.22) 7,87,862.94 (8,07,903.02) 60,65,354.47 3,53,43,758.47 4,02,730.55 3,06,28,848.39 (9,04,613.08) 0 3,526.95 6,54,74,251.28 14,02,455.17 14,02,455.17 (14,82,386.55) (1,93,416.38) 7,64,853.59 936.50 7,88,05,264.47 25,58,038.98 48,14,560.02 0 10,948.56 (1,94,200.62) 5,24,285.04 (12,90,460.72) 64,23,171.26 3,39,31,267.28 3,26,407.84 3,41,00,204.21 2,27,341.23 981.47 9,749.03 6,85,95,951.06 37,86,142.15 37,86,142.15 Source: Corporation data; Note: The Corporation was in the business of selling Capital Redemption and Annuity Certain (CRAC) policies. Hitherto, the Scheme was considered as non life business and neither included in the standalone financial results nor reported as a separate segment. Based on the opinion received from the expert advisory committee of ICAI, this scheme has now been included in the standalone audited financial results as on 31.03.2023. 57#59Financials - Standalone Statement of Profit & Loss (Shareholders' Account) (INR lakhs) Particulars For the year ended March 31, 2022(Standalone) Amounts transferred from/to the Policyholders account (Technical Account) 12,19,345.85 Income from Investments (a) Interest, Dividends & Rent - Gross (b) Profit on sale/redemption of investments (c) (Loss) on sale/redemption of investments (d) Other Income Total (A) Expense other than those directly related to the Insurance business Contribution to Policyholders' Account towards others 16,095.80 4,166.57 (139.51) 0 12,39,468.71 50.33 8,32,746.46 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA March 31, 2023(Standalone) 36,04,887.21 1,06,866.69 8,271.11 (355.93) 293.42 37,19,962.50 39.61 27,124.20 Provisions (Other than taxation) Total (B) Profit/(Loss) before tax Provision for Taxation 0 47,120.54 8,32,796.79 74,284.35 4,06,671.92 2,359.81 36,45,678.15 5,939.16 Profit/Loss after tax 4,04,312.11 36,39,738.99 Source: Corporation data Note: Figures of the previous period/year have been regrouped reclassified wherever necessary and may not be comparable. 58#60LIC - Group structure Country Foreign branches¹ Entity Fiji Branch Mauritius Branch United Kingdom Branch Country Entity Subsidiaries Stake held (%) Country Entity LIC Pension Fund Ltd. 100.00% LIC CARDS LIC INTERNATIONAL الشركة التامين على الحياة العالمية) شرجب (مقفلة) Life Jasarance Corporation (Jnternallanol) B.SC.ic 100.00% LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Associates Stake held (%) LIC HFL LIC HOUSING FINANCE LTD 45.24%³ LICHFL Asset Management Company Limited 5.38%³ 99.66%2 IDBI BANK 49.24%4 LIC 100.00% UFE INSURANCE CORPORATION (SINGAPORE) PTE LTD IDBI trustee 29.84%4 LIC IDBI Trusteeship Services Ltd 86.49% Life Insurance Corporation (Lanka) Ltd. LIC लाइफ इन्सोरेन्स) लिमिटेड Odence Ceration Nes) (d. (Avere of Lifehance Dorpoon of india 55.00% 45.00% LIC MUTUAL FUND X% - Shareholding purchased using shareholders' funds Y% - Shareholding purchased using policyholders' funds LIC এলআইসি বাংলাদেশ লিমিটেড LIC Bangladesh Ltd. 83.33% LIC Mutual Fund Trustee Company Ltd 49.00% Source: Corporation data; Note: All data as of March 31, 2023; 1 Foreign branches were set up by the Corporation and are not separate legal entities; 2 The Corporation's 99.66% shareholding in Life Insurance Corporation (International) B.S.C. Bahrain was purchased using a combination of shareholders' (94.40%) and policyholders' funds (5.60%); 3 LIC Housing Finance holds a 94.62% stake in LIC HFL Asset Management Company; 4 IDBI Bank holds a 54.70% stake in IDBI Bank Trusteeship Services 59#61India is one of the fastest growing major economy (GDP Growth, Percentage year-on-year) 10 5 0 -5 -10 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA -15 2014 2015 2016 2017 2018 2019 2020 2021 2022P 2023P 2024P 2025P India 7.4 8 8.3 7 6.1 4.2 -8 9 9 7.1 6.3 6.2 China 7.3 6.9 6.8 6.9 6.7 6 2.3 8.1 4.8 5.2 5.2 5.1 -Japan 0.4 1.2 0.5 2.2 0.3 0.3 -4.8 1.6 3.3 1.8 0.8 0.6 United States 2.5 3.1 1.7 2.3 3 2.2 -3.5 5.6 4 2.6 1.7 1.7 United Kingdom 2.6 2.4 1.9 1.9 1.3 1.5 -9.9 7.2 4.7 2.3 1.6 1.5 Brazil 0.5 -3.5 -3.3 1.3 1.3 1.4 -4.1 4.7 0.3 1.6 2.1 2.1 Russia 0.7 -2 0.5 1.8 2.8 2 -3.1 4.5 2.8 2.1 1.8 1.7 -South Africa 1.8 1.2 0.4 1.4 0.8 0.2 -7 4.6 1.9 1.4 1.3 1.3 ―India China -Japan United States United Kingdom Brazil -Russia South Africa Source: CRISIL Research Report for LIC of India. 60#62Share of life insurance in incremental household financial saving 120.00% 100.00% 12.30% 14.70% 13.40% 2.70% 1.90% 6.60% 80.00% 13.00% 12% 14.50% 18.70% 60.00% 19.30% 16.70% 16.80% 15.00% 40.00% 19.40% 20.00% 36.50% 0.00% 36.60% 29.40% LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA FY 19 ■ Bank Deposits FY 20 ■Life Insurance Funds ■ Provident and Pension Funds Currency Mutual Funds FY 9M21 Others COVID 19 has inclined towards saving and purchasing all-encompassing life covers, which will likely to increase demand for life insurance in India. Source: CRISIL Research Report for LIC of India (Ministry of Statistics and Programme Implementation (MOSPI), RBI,) CRISIL Research 61#63Protection gap for different countries 90% 83% 80% 76% 74% 71% 70% 70% 60% 50% 40% 30% 20% 10% 61% 55% 55% 54% LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA India's protection gap for India was 41% 83% as of 2019, the highest among all 0% India Indonesia Malaysia Thialand Chaina Japan South Korea Singapore Australia Hong Kong ■Protection Gap Source: CRISIL Research Report for LIC of India ('Swiss Re- Closing Asia's Mortality Protection Gap- July 2020, CRISIL Research) countries in Asia- Pacific¹ 62 62#64864 20 20 17.3 ■Life Insurance Penetration %age FY 2022 Low life insurance penetration and insurance density² in India LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 9000 8433 64 14 11.6 12 10 10 8.9 7.5 8 ■Insurance Density (in US$)1 FY 2022 8000 7000 6000 5414 5000 6.1 2 0 Hong Kong Taiwan South Africa United Kingdom Singapore 1.9 4234 6.1 4000 5.8 3772 3000 France Japan# South Korea# Malaysia# Thailand India# 3.9 2866 3.4 2654 3.2 2000 2347 1000 19711837 1321 0 WELL POSITIONED TO RIDE THE GROWTH IN A HIGHLY UNDERINSURED MARKET BOTH IN TERMS OF PENETRATION AND DENSITY Source: IRDAI Handbook 2021-22, 'Insurance density is measured as ratio of premium (in US Dollar) to total population. 2Insurance penetration is measured as ratio of premium to GDP. # Data relates to F.Y. other data relates to calendar year. Singapore United Kingdom Hong Kong Taiwan Switzerland France Japan# South Korea# United States Germany South Africa Australia Malaysia# PR China Thailand Brazil 698 623 444 253 246 160 69 India# 63#65Household savings to increase 30.00% Household Savings (% of GDP) 25.20% 25.00% 23.60% 23.60% 23.10% 22.40% 22.50% 20.30% 20.30% 19.60% 19.30% 19.60% 20.00% 18.00% 18.10% 15.00% 10.00% 5.00% LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA 22.20% Household saving as percentage of GDP rose to 22.2% in fiscal 2021 0.00% FY08 FY09 FY10 FY11 FY12 FY13 FY14 -Household Savings (% of GDP) FY15 FY16 FY17 FY18 FY19 FY20 FY21 Source: CRISIL Research Report for LIC of India 64#66Embedding ESG in our business - building a sustainable future for the communities LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA LIC has integrated the SDGs with key areas of their business operations. LIC initiatives have ensured a positive contribution to at least 12 of the 17 SDGs 1 NO POVERTY ✓ Rural areas contributing 20.8% of individual policies sold and 14.8% of total new business sum assured ZERO 2 HUNGER 555 GOOD HEALTH 3 AND WELL-BEING 4 QUALITY EDUCATION 5 GENDER EQUALITY ✓ 48.4% agents in India reside in rural areas insurance awareness in rural India ✓"Bima Gram" initiative to drive ✓ LIC GJF supports projects for the economically weaker sections of the society, aligned with its objectives - relief of poverty or distress, education, medical relief any other object of general public utility, across the country. ✓ The LIC GJ,F has partnered with the Akshaya Patra Foundation (NGO) for funding for Food distribution vehicle for providing food for children ✓1,569 medical camps & 2,451 cleaning activities organized in Apr-Sep'21 under the "Swastha Bharat" initiative ✓ Annual "Insurance Week" initiative to promote insurance awareness ✓ Impact investing strategy focused on improving access to healthcare and financing healthcare infrastructure ✓LIC GJF has funded for projects providing medical equipments, ambulance, medical vans, construction of hospitals, providing for treatment for cancer patients, heart surgery and cochlear implant surgery. ✓ Scholarships offered to 25,103 deserving students worth Rs. 59.02 crore by LIC GJF to students from EW for higher education. ✓"Bima School" initiative to drive insurance awareness among schoolchildren ✓ Support to educational and research institutes ✓ Contributions by the LIC GJF for education infrastructure such as hostels, school buildings, computer labs, libraries, School Bus, vocational training centre, occupational therapy tools & audio visual equipments for specially abled children. Contribution by LIC GJF for literacy campaign in Govindpur village for 100 % literacy etc. ✓ 23.1% female agents, 23% women in workforce, and 29.6% female policyholders ✓ Committees at the central, zonal, & divisional levels for prevention of sexual harassment ✓ Active contribution towards women welfare projects for women empowerment., special scholarships for girl child by LIC GJF, constructions of class rooms, hostel building, vocational training center, library, setting of infertility clinic, female patient ward, construction of mother and child center, solar power plant in schools, residential school for under privileged girls. Source: Corporation data, Note: Data for FY23 unless otherwise mentioned; LIC GJF - LIC Golden Jubilee Foundation; SDG - Sustainable Development Goals; PWD - Persons with benchmark disabilities; EW - Economically weaker sections of society 65#67Embedding ESG in our business - building a sustainable future for the communities LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA LIC has integrated the SDGs with key areas of their business operations. LIC initiatives have ensured a positive contribution to at least 12 of the 17 SDGS CLEAN WATER 6 AND SANITATION DECENT WORK AND 8 ECONOMIC GROWTH M INDUSTRY, INNOVATION AND INFRASTRUCTURE REDUCED 10 INEQUALITIES ✓ Support to various other sanitation projects by LIC GJF. ✓ Contributions by LIC GJF for renovation of water bodies at Hari Thirtham, Kanyakumari and enabling availability of fresh water for communities. Providing water vending machines for clean drinking water to visitors of Badrinath, Kedarnath, Rishikesh and Haridwar. ✓ Contribution towards construction of toilets under 'One Home One Toilet Scheme' in slums of Kolhapur. Funded for 169 toilets in 113 schools across the country, toilet blocks in school. ✓ Contribution by LIC GJF towards construction of two community toilets at LIC's adopted village of Govindpur in Sonbhadra district of Uttar Pradesh to make the village free from open defecation. ✓ Contribution towards construction of E-Toilets at Badri Dham. ✓ Contribution towards Clean Ganga fund to rejuvenate river Ganga and its ecosystem. ✓ Continuous investments towards skill development of employees and agents ✓ Comprehensive in-house infrastructure ✓ LIC GJF has funded for skill development training to the underprivileged youth and for the specially abled for providing technical skills for their livelihood generation. ✓ Significant investments made in India towards social infrastructure including power generation, development of roads/ bridges/railways etc. ✓ Equal opportunities policy in place ✓ Reservations for PWDs, EWS, under-privileged sections of society ✓ Contribution by LIC GJF towards medical and education facilities to tribal communities, relief to communities affected by natural calamities etc. ✓ Contribution by LIC GJF for COVID relief. ✓ Contribution by LIC GJF towards Armed Forces Flag Day Fund for welfare of veterans, widows and rehabilitation of ex-servicemen. Source: Corporation data Note: Data for FY23 unless otherwise mentioned; LIC GJF - LIC Golden Jubilee Foundation; SDG - Sustainable Development Goals; PWD - Persons with benchmark disabilities; EW - Economically weaker sections of society 66#68Embedding ESG in our business - building a sustainable future for the communities LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA LIC has integrated the SDGs with key areas of their business operations. LIC initiatives have ensured a positive contribution to at least 12 of the 17 SDGs SUSTAINABLE CITIES 11 AND COMMUNITIES 13 CLIMATE ACTION 15 LIFE ON LAND Outstanding investments worth INR 14.1bn in renewable energy VINR 36.7bn invested in the housing sector in India in FY21 Multi-faceted initiatives for upliftment of poor communities 3.4 MW rooftop solar capacity installed, resulting in reduction of ~3,100 tons of carbon emissions per annum Three Green rated buildings constructed. Contribution by LIC GJF for installation of solar power plant at school hostel building, Vrudhashram, electric crematorium, Eeco vehicles and Eeco Ambulance etc Proactive identification of relevant environment and ecosystem issues Other initiatives including tree plantation drives, adoption of public gardens for their upkeep etc. Contribution towards purchase of Ambulance for transportation and rescue of wild animals in Kanpur Zoo. Vinstallation of solar power plant for Elephant Conservation and Care Centre at Mathura, Uttar Pradesh and at Life Time Animal Sanctuary in Village Gopal Khera, Gurgaon which is shelter home for animal rescue and rehabilitation. Source: Corporation data Note: Data for FY23 unless otherwise mentioned; LIC GJF - LIC Golden Jubilee Foundation; SDG - Sustainable Development Goals; PWD - Persons with benchmark disabilities; EW - Economically weaker sections of society 67#69Committed to ESG initiatives across the organisation 5000 4500 4000 3500 3000 Roof top solar capacity installed (KW) 2500 2254 2024 2000 1500 1000 500 3376 3141 4500 4471 4000 3500 3000 2500 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Total Reduction of carbon emissions (in tons) 2051 2000 1812 1500 1000 500 2966 2856 3826 0 0 FY 2019 FY 2020 FY 2021 FY 2022 FY2023 FY 2019 FY 2020 FY 2021 FY 2022 FY2023 Source: Corporation data 68#70Awards won by LIC during 2022-23 PEACOCK NATIONAL TRAINING AN Awards & Accolades 2022-23 LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Golden Peacock National Training Award BFSI National Award for Leadership & Excellence - Best Persistency Award BFSI National Award for Leader- ship & Excellence -Customer Service Excellence Award BFSI National Award for Leadership & Excellence - Claims services Leader- Large BFSI National Award for Leadership & Excellence - Insurance Company of the year BERKSHIRE MEDIA India's Best Company Of The Year Awards 2022 ET Ascent Award for Customer Service & Loyalty Source: Corporation data IBC INFOMEDIA India's Most Trusted Brand Awards 2022 BFSI Excellence Award " ASSOCHAM 14 Global insurance Summit & Awards Winner Life Insurance Corporation Navbharat BFSI Awards 2022 Best Life Insurance Company in Claim ASSOCHAM- Moment of Truth (Claims Experience) MONEY Outlook Money Editor's Choice Award The Most Trusted Life Insurer LIC LIC KANTAR BRANDZ 2022 HOUR BESI ET Ascent Brand Excellence Award KANTAR BRANDZ Most Purposeful Non-FMCG Brand in India World BFSI Congress & Awards for Insurance Company of the Year World BFSI Congress & Awards for Customer Service Excellence BY World BFSI Congress & Awards for Excellence in Claims Service 69#71Glossary LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA New Business APE: The sum annualized first year premiums on regular premium policies, and 10.00% of single premiums, written by the Company during the fiscal year from both retail and group customers. New Business Premium NBP: Insurance premium that is due in the first policy year of a life insurance contract or a single lump sum payment from the policyholder. Individual Rated Premium IRP: New business premiums written by the Company under individual products and weighted at the rate of 10.00% for single premiums. ❖Renewal Premium: Life Insurance Premiums falling due in the years subsequent to the first year of the policy. Embedded Value EV: Embedded Value is the measure of the consolidated value of shareholders' interest in the covered life insurance business, which is all life insurance business written by the Company since inception and in-force as on the valuation date (including lapsed business which have the potential of getting revived). The Embedded Value of the Company has been determined on the basis of the Indian Embedded Value (IEV) Methodology calculated as per APS 10 set forth by the Institute of Actuaries of India (IAI). Gross Written Premium GWP: The total premium written by the Company before deductions for reinsurance ceded. Value of New Business VONB: Value of New Business is the present value of expected future earnings from new policies written during a specified period and it reflects the additional value to shareholders expected to be generated through the activity of writing new policies during a specified period. VONB Margin: VoNB Margin is the ratio of VoNB to New Business Annualized Premium Equivalent for a specified period and is a measure of the expected profitability of new business. Solvency Ratio: Solvency ratio means ratio of the amount of Available Solvency Margin to the amount of Required Solvency Margin as specified in form-KT-3 of for Life IRDAI Actuarial Report and Abstracts Insurance Business Regulations. 70#72ABBREVIATION LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Term Description Term GWP Gross Written Premium Opex NBP New Business Premium CAGR NOP Number of Policies GDP Description Operating Expenses (excluding commission) Compounded Annual Growth Rate Gross Domestic Product APE Annualized Premium Equivalent INR (Rs.) Indian Rupees IRP Individual Rated Premium SSS AUM Assets Under Management Banca Bancassurance TAT Traditional Segment ULIP Unit Linked Insurance Plan Traditional Channel PAR NON PAR Participating VONB Salary Saving Scheme Turn Around Time Other than Unit Linked Insurance Pllan Bancassurance + Agency Value of New Business Non-Participating VoNB Margin Value of New Business Margin SDGs Sustainable Development Goals 71#73Disclaimer LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA Except for the historical information contained herein, statements in this presentation which contain words or phrases such as 'will', 'would', 'indicating', 'expected to' etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion in business, the impact of any acquisitions, technological implementation and changes, the actual growth in demand for insurance products and services, investment income, cash flow projections, our exposure to market risks, policies and actions of regulatory authorities; impact of competition; experience with regard to mortality and morbidity trends, lapse rates and policy renewal rates; the impact of changes in capital solvency or accounting standards, tax and other legislations and regulations in the jurisdictions as well as other risks detailed in the reports filed L.I.C. of India, out holding company. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. The assumptions, estimates and judgments used in the calculations are evaluated internally where applicable and have been externally reviewed. They represent the best estimate based on the Corporation's experience and knowledge of relevant facts and circumstances. While the management believes that such assumptions, estimates and judgments to be reasonable; the actual experience could differ from those assumed whereby the results may be materially different from those shown herein. 72 12#74THANK YOU Investor Relations Contact: Life Insurance Corporation of India Yogakshema, Seventh Floor, East Wing, Jeevan Bima Marg, Nariman Point, Mumbai- 400021. Contact # +91 66599479 Email - [email protected] Website - www.licindia.in Scan Me! LIC भारतीय जीवन बीमा निगम LIFE INSURANCE CORPORATION OF INDIA