Insurance – Monthly Update – Growth momentum moderates in September
Published on 08 Oct 2026
Ind. APE growth tapers in Sep: Private players saw a moderation in Individual APE growth in Sep’26 (7.3% YoY vs. 15.0%/8.5% in Aug’26/ Jul’26). Within our coverage, HDFC Life reported stronger growth at 23.5% YoY whereas Axis Max Life and IPRU Life recorded subdued growth at 3.8%/1.3% YoY respectively. SBI Life saw a decline in growth of 2.3% YoY. Other private players like Aditya Birla Sun Life, Tata AIA & Canara HSBC Life reported volume growth of 27.0%/13.4%/10.4% YoY respectively. In Sep’26, the industry grew 9.2% YoY with LIC growing at 14.8% YoY. Expect growth in ULIP, NPAR/ annuity to offset the moderation in protection growth.
