Life Insurance – Monthly Update – Growth momentum continues but at slower pace
Published on 10 Feb 2026
In Jan’26, individual APE for private life insurers grew 7.2% YoY; Axis Max Life saw strong momentum, while SBI Life and IPRU Life grew modestly. HDFC Life registered a de-growth due to a high base. Industry grew by 9.3% YoY with LIC continuing the growth trend at 15.0%. FY26 VNB margins are expected to be range-bound due to the impact of GST exemption. However, positive growth momentum and favorable product mix are likely to offset some of the drag. We reiterate ‘BUY’ on MAXF (TP of Rs1,925 at 2.1x FY27E P/EV) and HDFCLIFE (TP of Rs900 at 2.6x FY27E P/EV).
