Insurance – Monthly Update – Growth rebounds following a normalized May
Published on 08 Jul 2026
Healthy Ind. APE growth across players: Private players saw healthy individual APE growth in Jun’26 (13.7% YoY vs. 12.4%/21.8% in May’26/ Apr’26). Within our coverage, SBI Life beat industry growth at 17.8% YoY whereas Axis Max Life and IPRU Life recorded growth at 15.0%/12.8% YoY respectively. However, HDFC Life APE contracted by -0.4% YoY. Other private players like Bajaj Life and Aditya Birla Sun Life reported stronger volume growth at 21.7% and 19.3% YoY respectively. In Jun’26, the industry grew ~16% YoY with LIC performing better than private players (+21.0% YoY). Expect growth in the protection/PAR segment to continue and ULIP to be resilient. Competitive intensity in NPAR segment continues to be a challenge.
Group business volumes pick up in Jun: Industry witnessed a growth of 8.5% YoY in group APE with private insurers reporting 70.4% growth while LIC reporting a decline by -3% YoY. HDFC Life/ Axis Max Life/ SBI Life and IPRU Life all reported surge in volumes by 46.6%/ 80.7%/ 71.2% and 37.7% YoY respectively.
