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PSUs and private multi-line players grew in mid-teens; SAHIs sustain a 30%+ trajectory

* The industry's gross written premium (GWP) grew 17% YoY to INR273b in Jun’26, driven by a 24% YoY growth in the health segment, while the motor segment maintained stable double-digit momentum with 14% YoY growth.

* Motor segment GWP grew 14% YoY to INR89b, with Motor OD and Motor TP segments growing 16% and 13% YoY, respectively. The recovery in automobile sales following the GST changes in Oct’25 continues to drive double-digit growth in Motor OD.

* The health segment’s 24% YoY growth was driven by a 33% YoY growth in retail health and 18% YoY growth in group health, partly offset by ~17% YoY decline in GWP from government schemes. Private players and SAHIs drove growth in this segment, reporting 40% and 31% YoY growth, respectively.

* In Jun’26, GWP for private players grew 15% YoY to INR135b, while public players reported a 13% YoY growth to INR92.6b. SAHIs maintained industry-leading growth momentum, with GWP growing 31% YoY, aided by double-digit growth across all players.

* Among key multi-line insurers, HDFC Ergo was one of the fastest-growing players (+33% YoY). ICICIGI’s growth was lower than the industry's at 14% YoY, with a market share of 9.5% in FY27’YTD (9.8% in FY26YTD). Bajaj General posted a strong growth of 22% YoY, with a stable market share of 6.6%. Aditya Birla Health was the fastestgrowing SAHI (+39% YoY), while Niva Bupa/Star Health grew 34%/19% YoY

Retail health continues to shine

* The overall health business grew 24% YoY to INR115.4b, led by 33% YoY growth in retail health to INR52.5b and 18% YoY growth in group health to INR59.6b.

* Within the retail health segment, SAHIs/private multi-line players grew 37%/46% YoY, while the public segment grew 8% YoY. Star Health grew 23% YoY, while all other SAHIs reported over 45% YoY growth (Niva Bupa at +48% YoY). ICICIGI reported a strong growth of 70% YoY, bringing its market share to 4.5% in FY27’YTD from 3.5% in FY26’YTD.

* In the group health segment, private players witnessed 29% YoY growth, with ICICIGI growing 10% YoY. SAHIs witnessed 18% YoY growth, whereas Star Health dipped 46% YoY and Niva Bupa grew 6% YoY. Public insurers grew 11% YoY.

Performance of key players in FY27’YTD

* ICICIGI reported an 8% YoY growth (market share of 9.5% vs. 9.8% in FY26YTD).

* Bajaj General reported a growth of 12% YoY (market share of 6.6% vs. 6.5%).

* STARHEAL registered a growth of 19% YoY (market share of 4.9% vs. 4.5%).

* NIVABUPA recorded a growth of 32% YoY (market share of 2.4% vs. 2.1%)

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