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The Life Insurance industry reported strong ~21% YoY retail APE growth in Feb26, with the private sector growing ~20%. LIC clocked strong 23% YoY growth, albeit on a low base (Feb-25: -17%). Industry growth was supported by a favorable base effect in Feb-25. On a 2Y CAGR basis, the industry’s retail APE grew ~8%, primarily driven by ~11% growth for the private sector; however, LIC saw muted ~1% growth. YTDFY26, the industry’s retail APE grew ~11% YoY, backed by ~13% growth for the private sector, while LIC saw muted ~4% growth. Among private listed players, Axis Max Life remained the fastest-growing player, clocking strong 28% YoY retail APE growth, followed by SBI Life registering healthy ~16% growth. HDFC Life reported modest ~12% YoY growth, while ICICI Pru Life’s reported retail APE grew ~10%. On a 2Y CAGR basis, Axis Max Life remained the top performer, clocking 19% retail APE growth, followed by SBI Life (+7.3%) and HDFC Life (+6.3%). Group APE for the industry grew 18% YoY in Feb-26, driven by ~57% growth for LIC, while the private sector saw a ~7% decline. As a result, overall APE for the industry grew ~20% YoY, with LIC logging strong ~34% growth, while the private sector reported ~14% growth. We expect the industry to log ~10-11% retail APE growth in FY26E, backed by private-sector growth of ~13-14% and LIC’s retail APE likely growing ~4-5%

Industry reports strong ~20% retail APE growth, albeit on a low base The Life Insurance industry clocked strong ~20% YoY retail APE growth in Feb-26 on a favorable base. Private sector retail APE grew 20% YoY. LIC saw strong 23% YoY growth on a low base (Feb-25: -17% YoY). YTDFY26, retail APE for the industry grew ~11% YoY, with the private sector growing ~13%, while LIC reported a muted ~4%. Owing to a slowdown in Feb-25, the industry clocked 2Y retail APE CAGR of ~8%, with the private sector growing ~11%, while LIC saw muted ~1% growth. Group APE in Feb-26 grew ~18% YoY, driven by ~57% growth for LIC, while the private sector saw ~7% decline. As a result, APE during Feb-26 grew 20% YoY, driven by ~34% growth for LIC; private sector saw healthy ~14% growth. YTDFY26, APE grew ~14% YoY for the industry, with LIC clocking ~15% growth and private sector recording ~14% growth.

Private listed players report double-digit growth; Axis Max Life outperforms peers Among private listed players, Axis Max Life continued to top the charts, delivering strong 28% YoY retail APE growth in Feb-26, followed by SBI Life delivering healthy ~16% retail APE growth. HDFC Life saw ~12% YoY retail APE growth in Feb-26, while ICICI Pru Life’s reported retail APE grew ~10%. Canara HSBC Life clocked strong ~61% YoY growth on a shallow base (Feb-25: -18% YoY). On a 2Y CAGR basis, Axis Max Life remained the top performer, clocking strong ~19% growth, followed by SBI Life at ~7% and HDFC Life at ~6%. YTDFY26, Axis Max Life clocked strong 21% YoY retail APE growth, while SBI Life saw healthy ~14% growth. HDFC Life delivered ~9% YoY retail APE growth in YTDFY26, whereas ICICI Pru Life’s reported retail APE remained largely flat (-0.1% YoY). Individual policies sold during Feb-26 grew 23% YoY for the industry, with LIC clocking strong 27% growth on a low base, while the private sector delivered ~17% growth. Total APE in Feb-26 grew 20% YoY, primarily driven by LIC clocking strong ~34% YoY growth, led by strong group APE growth. The private sector saw healthy ~14% YoY growth on account of a ~7% decline in group APE. Among other private players, Bajaj Life Insurance clocked healthy ~15% YoY retail APE growth, while Tata AIA Life saw strong ~34% YoY growth.

We expect the industry to deliver ~10-11% retail APE growth in FY26E While the life insurance industry recorded healthy growth in Feb-26 on a low base, we expect the industry’s retail APE to grow ~10–11% in FY26E. Private players are likely to outpace the industry, with growth of ~13–14%, while we expect LIC to deliver relatively modest growth of ~4–5%.

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