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What is the story about?
India’s life insurance industry recorded a robust performance in November 2025, driven by gains across both private insurers and the Life Insurance Corporation of India (LIC), according to a report by PL Capital. The growth was evident in both Individual and Group Annualised Premium Equivalent (APE), reflecting strong demand, higher retail participation, and a continued shift toward protection products.
Private life insurers reported a 27.9% year-on-year increase in Individual APE, while LIC posted 22.9% growth in the same segment. Overall, the industry’s Individual APE rose 26.6% during the month.
Within private players, SBI Life led with 32.7% growth, followed by Axis Max Life at 22.6% and HDFC Life at 19.7%. ICICI Prudential Life grew 13.1%, while other companies such as Bajaj Allianz Life, Tata AIA Life, and Aditya Birla Sun Life saw increases ranging from 28% to nearly 39%.
On a year-to-date basis for FY26, the Individual APE market expanded 7.1%, with private insurers outpacing the industry at 11.4% growth. Analysts cited steady demand for retail protection products, non-participating offerings, and rising credit protection linked to higher loan disbursals as key growth drivers.
The most notable development in November came from LIC’s Group APE, which surged 97.5% year-on-year, lifting overall industry Group APE growth to 61.7%. Private insurers, however, saw a 4.1% decline in the segment, though Axis Max Life, SBI Life, and ICICI Prudential Life reported double-digit growth between 14.7% and 42.9%. HDFC Life experienced a 15.5% contraction in Group APE.
Private insurers increased their share in the Individual APE market to 71.7% in November, up from 71.1% in October. SBI Life retained the largest private-sector share at 16.8%, followed by HDFC Life at 11.3%, Axis Max Life at 7.1%, and ICICI Prudential Life at 6.1%. In terms of New Business Premium (NBP), private insurers recorded 13.2% year-on-year growth, while LIC contributed 35% growth, pushing total industry NBP up 23.4% for the month.
The report noted that the industry continues to navigate the impact of GST exemption adjustments, with analysts expecting value of new business (VNB) margins to remain range-bound. Protection and annuity products, along with non-participating plans, are expected to help maintain margin stability.
Private life insurers reported a 27.9% year-on-year increase in Individual APE, while LIC posted 22.9% growth in the same segment. Overall, the industry’s Individual APE rose 26.6% during the month.
Within private players, SBI Life led with 32.7% growth, followed by Axis Max Life at 22.6% and HDFC Life at 19.7%. ICICI Prudential Life grew 13.1%, while other companies such as Bajaj Allianz Life, Tata AIA Life, and Aditya Birla Sun Life saw increases ranging from 28% to nearly 39%.
On a year-to-date basis for FY26, the Individual APE market expanded 7.1%, with private insurers outpacing the industry at 11.4% growth. Analysts cited steady demand for retail protection products, non-participating offerings, and rising credit protection linked to higher loan disbursals as key growth drivers.
The most notable development in November came from LIC’s Group APE, which surged 97.5% year-on-year, lifting overall industry Group APE growth to 61.7%. Private insurers, however, saw a 4.1% decline in the segment, though Axis Max Life, SBI Life, and ICICI Prudential Life reported double-digit growth between 14.7% and 42.9%. HDFC Life experienced a 15.5% contraction in Group APE.
Private insurers increased their share in the Individual APE market to 71.7% in November, up from 71.1% in October. SBI Life retained the largest private-sector share at 16.8%, followed by HDFC Life at 11.3%, Axis Max Life at 7.1%, and ICICI Prudential Life at 6.1%. In terms of New Business Premium (NBP), private insurers recorded 13.2% year-on-year growth, while LIC contributed 35% growth, pushing total industry NBP up 23.4% for the month.
The report noted that the industry continues to navigate the impact of GST exemption adjustments, with analysts expecting value of new business (VNB) margins to remain range-bound. Protection and annuity products, along with non-participating plans, are expected to help maintain margin stability.
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