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Individual APE grows in mid-teens

* In Aug’26, the life insurance industry recorded ~14% YoY growth in individual weighted received premium (WRP) after single-digit growth witnessed in Jul’26.

* Private players witnessed single-digit growth of ~15% YoY in Aug’26, with market share improving MoM to 72.3% from 71.5% in Jul’26. Meanwhile, LIC witnessed a growth of ~13% YoY.

* Among the listed private players, SBILIFE was the fastest-growing player, with individual WRP growing ~22% YoY, followed by HDFCLIFE/IPRULIFE/MAXLIFE/BAJAJLIFE/CANLIFE growing at 17%/11%/10%/10%/6% YoY. SBILIFE and HDFCLIFE recorded strong performance on the back of a favorable base, while CANHLIFE’s performance was weak due to a high base.

* The industry’s new business premium grew ~33% YoY in Aug’26, driven by a 20% and 45% YoY growth in premiums for private players and LIC, respectively.

* HDFCLIFE/SBILIFE/MAXLIFE/IPRULIFE/BAJAJLIFE/CANHLIFE’s new business premiums grew 18%/3%/8%/10%/32%/5% YoY

* We expect the growth momentum to be largely stable going forward, supported by a continued focus on traditional products, improved affordability from GST exemptions, and expanded geographical reach by private insurers. SBILIFE and LIC are our preferred picks within the sector.

Individual WRP market share of private players inches up YoY

* The individual WRP market share of private players rose YoY to 72.3% in Aug’26 from 72% in Aug’25.

* In Aug’26, SBILIFE maintained the top position among listed private players with a 17.1% market share with respect to individual WRP, followed by HDFCLIFE at 11.9% and MAXLIFE at 7.5%, while LIC’s share stood at 27.7%.

* On an unweighted premium basis, HDFCLIFE was the top private player during the month with a market share of 20.1% within private players, followed by SBILIFE at 19.1% and IPRULIFE/BAJAJLIFE at 10.9%.

Performance of key private players

On an individual WRP basis, the combined market share of private listed players – SBILIFE, HDFCLIFE, IPRULIFE, MAXLIFE, CANHLIFE, and Bajaj Life – accounted for 69% of the private insurance industry as of Aug’26. Among other prominent private insurers, TATA AIA reported a market share of 10.5%. Among the key listed players based on individual WRP:

* HDFCLIFE grew 17% YoY in Aug’26. The total unweighted premium rose 18% YoY.

* SBILIFE grew 22% YoY in Aug’26. The total unweighted premium rose 3% YoY.

* IPRULIFE grew 11% YoY in Aug’26. The total unweighted premium rose 10% YoY.

* MAXLIFE grew 10% YoY in Aug’26. The total unweighted premium grew 8% YoY.

* CANHSBC grew 6% YoY in Aug’26. The total unweighted premium grew 5% YoY.

* BAJAJLIFE grew 9% YoY in Aug’26. The total unweighted premium grew 32% YoY

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