Insurance – Monthly Update – FY27 kicks off with strong volume traction
Published on 09 May 2026
Strong growth momentum across players: Private players saw a robust individual APE growth in Apr’26 (21.8% YoY vs. 7.8%/20.1% in Mar’26/Feb’26). Within our coverage, IPRU Life and HDFC Life witnessed strong growth of 24.6% and 24.4% YoY respectively, followed by Axis Max Life (+21.1% YoY) and SBI Life (+18.3% YoY). While other private players like Canara HSBC, Aditya Birla Sun Life, Bajaj Life and Tata AIA reported healthy volume growth (9.7%/ 29.1%/ 9.2%/ 27.1% YoY respectively), LIC also witnessed an uptick of 19.1% YoY. In Apr’26, the industry grew by 20.9% YoY with private players performing better (+21.8% YoY). Expect sustained growth in the protection segment to continue; recovery in credit protect and NPAR to drive volumes.
Group business continue to expand: Industry witnessed solid growth in group APE (+48.4% YoY) with private insurers and LIC growing by 47.9% and 48.5% YoY respectively. Axis Max Life, HDFC Life, SBI Life and IPRU Life reported a surge in volumes of 64.7%/ 44.3%/ 36.6%/ 28.3% YoY respectively.
