# LIC’s VNB jumps 61%, but valuation limits investor appeal 2026-08-07T03:40:19+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet LIC’s value of new business rose 61% in the first quarter, driving a 750-basis-point year-on-year increase in its VNB margin to 22.9%, Livemint reports. Annualised premium equivalent grew 8% to Rs 13,692 crore. A shift towards more profitable products supported growth, with non-participating individual savings policies rising 59% to Rs 1,293 crore, while ULIP APE fell 17%. Macquarie retained its Outperform rating and Bernstein kept a Market-perform rating, NDTV Profit reports. LIC management expects the VNB margin to reach the mid-twenties. Emkay Global estimates LIC trades at 28 times FY27 price-to-VNB, against 25 times for HDFC Life, despite lower projected growth for LIC. Livemint says a successful offer for sale and strong results may not yet resolve that valuation hurdle. ## Coverage - ndtvprofit.com - livemint.com Tags: brokerages, insurance, LIC, VNB Canonical: https://indianopinion.org/lic-vnb-jumps-61-as-brokerages-note-margin-gains/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/lic-vnb-jumps-61-as-brokerages-note-margin-gains/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes.