Insurance – Monthly Update – Growth Normalizes After Strong April
Published on 09 Jun 2026
Mixed Ind. APE growth across players: Private players saw healthy individual APE growth in May’26 (12.4% YoY vs. 21.8%/7.8% in Apr’26/Mar’26). Within our coverage, Axis Max Life beat industry growth at 15.7% YoY, whereas SBI Life (+7.7% YoY), IPRU Life (+6.1% YoY) and HDFC Life (+6.0% YoY) recorded sluggish growth. Other private players like Bajaj Life, Aditya Birla Sun Life and Tata AIA reported stronger volume growth at 18.6%/ 15.5%/ 10.4% YoY respectively. In May’26, the industry grew 13.3% YoY with LIC performing better than private players (+15.5% YoY). Expect growth in the protection and PAR segment to continue; recovery in credit protect to aid volumes. High volatility/ competitive intensity in ULIP/ NPAR segment likely to be a dampener over the near-term.
