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* In Jul’26, the life insurance industry recorded ~9% YoY growth in individual weighted received premium (WRP). This marked a slight moderation from the strong 16% growth seen in Jun’26. * Private players witnessed single-digit growth of ~8% YoY in Jul’26 vs strong growth of ~14% in Jun’26, though market share improved MoM to 71.5% from 69.1% in Jun’26. Meanwhile, LIC witnessed a growth of ~10% YoY. ? Among the listed private players, CANHLIFE was the fastest-growing player, with individual WRP growing ~22% YoY, followed by MAXLIFE/ BAJAJLIFE/ SBILIFE/IPRULIFE at 16%/15%/14%/9% . HDFCLIFE saw a decline of 7% YoY.

* The industry’s new business premium grew ~21% YoY in Jul’26, driven by a 16% and 24% YoY growth in premiums for private players and LIC, respectively.

* HDFCLIFE/SBILIFE/MAXLIFE/IPRULIFE/BAJAJLIFE/CANHLIFE’s new business premiums grew 16%/3%/19%/21%/20%/24% 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 CANHSBC are our preferred picks within the sector.

Individual WRP market share of private players declines YoY

* The individual WRP market share of private players declined MoM to 71.5% in Jul’26 from 71.7% in Jul’25.

* In Jul’26, SBILIFE maintained the top position among listed private players, accounting for a 17.8% market share with respect to individual WRP, followed by HDFCLIFE at 10.8% and MAXLIFE at 7.1%, while LIC’s share stood at 28.5%.

* On an unweighted premium basis, SBILIFE was the largest private player with a market share of 20.5% in the private industry, followed by HDFCLIFE at 18.6% and IPRULIFE at 12.1%

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 69.4% of the private insurance industry as of Jul’26. Among other prominent private insurers, TATA AIA reported a market share of 7.0%. Among the key listed players based on individual WRP:

* HDFCLIFE declined 7% YoY in Jul’26. The total unweighted premium rose 16% YoY.

* SBILIFE grew 14% YoY in Jul’26. The total unweighted premium rose 3% YoY.

* IPRULIFE grew 9% YoY in Jul’26. The total unweighted premium rose 21% YoY.

* MAXLIFE grew 7% YoY in Jul’26. The total unweighted premium grew 19% YoY.

* CANHSBC grew 22% YoY in Jul’26. The total unweighted premium grew 24% YoY.

* BAJAJLIFE grew 7% YoY in Jul’26. The total unweighted premium grew 20% YoY.

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