Insurance – Monthly Update – Growth softens in July; MAXF outperforms
Published on 07 Aug 2026
Ind. APE growth moderates in July: Private players saw a moderation in Individual APE growth in Jul’26 (8.5% YoY vs. 13.7%/12.4% in Jun’26/ May’26). Within our coverage, Axis Max Life beat industry growth at 15.5% YoY whereas SBI Life and IPRU Life recorded growth at 14.0%/9.1% YoY respectively. HDFC Life APE contracted by -6.6% YoY. Other private players like Bajaj Life and Aditya Birla Sun Life reported a strong volume growth of 15.4% and 25.9% YoY respectively. In Jul’26, the industry grew 8.8% YoY with LIC performing better than private players (+9.6% YoY). Expect growth in the protection/PAR segment to continue and ULIP to be resilient. Competitive intensity in NPAR segment continues to be a challenge.
