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Momentum sustains

Strong growth momentum has been sustained in November 2025, likely buoyed by demand after the GST exemption. LIC, SBI Life and Axis Max Life reported strong APE growth of 23-33% yoy, while HDFC Life reported moderate APE growth of 15% yoy. ICICI Prudential Life reported a flat APE yoy. Most importantly, sum assured (SA) growth was strong at 53% for private players; SA growth momentum outpaced APE growth for the top-four private players, i.e., about 2.8X APE growth for the month.

Growth momentum sustains in November 2025

Overall, APE growth was strong at 26% for the industry and 25% for the private sector in November 2025, up from 17% and 15% reported in October 2025, respectively. The momentum post-GST exemption has likely sustained; private players (ex-top 4) reported 34% yoy APE growth. Surprisingly, HDFC Life reported 15% APE growth and ICICI Prudential Life 1% during the month.

Mixed trends for listed players

Axis Max Life reports a pickup in growth. Axis Max Life reported strong 23% APE growth in November 2025, up from 18% in October 2025 and 19% YTD 2026. Sum assured (SA) growth was elevated at 72% during the month (up 79% in October 2025), up from 25% growth reported in 1HFY26. NoP growth was also strong at 21% yoy in November 2025.

Bajaj Life reports strong growth. Bajaj Life reported strong APE growth of 42% in November 2025, up from 4-9% growth in the prior three months. Sum assured growth also picked up to 37% from 8-9% in the previous two months. Growth was largely driven by value (ATS up 10% yoy) and volume (NoP up 25% yoy).

HDFC Life reports moderate growth. The company reported moderate 15% APE growth in November 2025, up from 7% in October 2025; individual APE growth was a tad better at 20% yoy. Growth was driven largely by volumes (NoP up 14% yoy); ATS was also up 4% yoy. Sum assured growth was strong at 74% yoy (52% in October 2025), up from 22% reported in 1HFY26.

ICICI Prudential’s growth remains muted. ICICI Prudential Life reported flat APE growth yoy in November 2025 (up 3% in October 2025). Sum assured growth was moderate at 14% (up 19% FYTD26).

LIC’s growth momentum sustains. Individual APE growth was strong at 23% yoy in November 2025, on a low base (APE was down 12% in November 2024). Average ticket size was down 29% yoy to Rs19,122 in November 2025. FYTD growth remains muted at 2% yoy due to weak volumes in 1HFY26. SA growth was also strong at 60% yoy.

SBI Life sustains momentum. SBI Life reported 33% APE growth in November 2025, up from 20% in October 2025 and 10% in 1HFY26. Growth was driven by both value (ATS up 12% yoy) and volume (NoP up 18% yoy). SA growth was also strong at 88% yoy, up from 76% in 1HFY26.

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