Insurance – Monthly Update – Growth momentum picks up in August
Published on 07 Sep 2026
Ind. APE growth picks up in August: Private players saw a pick-up in Individual APE growth in Aug’26 (15.0% YoY vs. 8.5%/13.7% in Jul’26/ Jun’26). Within our coverage, SBI Life beat industry growth at 21.8% YoY whereas HDFC Life and IPRU Life recorded growth at 17.4%/11.2% YoY respectively. Axis Max Life APE saw a moderate growth of 10.2% YoY due to base effect. Other private players like Aditya Birla Sun Life/ Tata AIA & Bajaj Life reported volume growth of 32.2%/18.8%/9.4% YoY respectively. In Aug’26, the industry grew 14.4% YoY with LIC growing at 12.8% YoY. Expect protection-led growth supported by recovery in savings segment to sustain growth momentum. Prefer MAXF among private life insurers: In our coverage universe, Axis Max Life has delivered APE growth of 10.2% YoY in Aug’26 on higher base (14.7% in YTDFY27). We expect growth momentum to sustain driven by protection, annuity and recovery in NPAR. We expect positive movement in VNB margin due to yield curve changes and higher protection mix/operating leverage. Reiterate BUY on MAXF (TP of INR 2,025 at 1.9x FY28E P/EV).
