Insurance – Monthly Update – Growth picks up; MAXF continues to outperform
Published on 10 Mar 2026
Growth momentum strong; MAXF outperforms: Private players saw a pick-up in individual APE growth in Feb’26 (20.1% YoY growth vs. 7.2%/20.2% in Jan’26/ Dec’25). Within our coverage, Axis Max Life witnessed solid growth of 28.4% YoY, followed by SBI Life (+16.2% YoY). HDFC Life and IPRU Life saw a decent growth of 12.1%/ 7.7% YoY respectively. Other players like Aditya Birla Sun Life, Bajaj Life, Tata AIA saw a sustained growth in volume (18.7%/ 14.9%/ 34.4% YoY, respectively), while LIC saw an uptick of 22.8% YoY. On YTDFY26 basis, the industry has grown by 10.4% YoY, with private players performing better (+13.0% YoY). We expect growth to sustain in Mar-26 led by retail protection, recovery in credit protect disbursals and steady PAR/ NPAR volume.
