Insurance – Monthly Update – Growth remains subdued in October
Published on 12 Nov 2026
Ind. APE growth slows down in Oct: Private players reported sluggish Individual APE growth in Oct’26 (5.6% YoY vs. 7.3%/15.0% in Sep’26/ Aug’26). Within our coverage, HDFC Life reported stronger growth at 16.0% YoY followed by Axis Max Life at 11.7% YoY. ICICI Life and SBI Life saw a decline in growth of -0.3%/-0.9% YoY, respectively. Other private players like Aditya Birla Sun Life, Tata AIA & Canara HSBC Life reported volume growth of 27.4%/14.5%/1.4% YoY respectively. In Oct’26, the industry grew 5.4% YoY with LIC growing slow at 4.8% YoY. Expect growth in NPAR/ annuity to offset the moderation in protection growth.
Group APE growth was strong: Industry Group APE saw a robust growth of 34.9% YoY (from 1.6% in Sep’26) with private insurers reporting 22.2% YoY and LIC growing at 38.5% YoY. HDFC Life/ ICICI Life/ SBI Life/ Axis Max Life recorded a volume growth of 18.9%/ 23.1%/ 34.5%/ 45.9% YoY respectively.
