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Strong 20%+ growth across private and public players

• In Nov’25, the life insurance industry witnessed YoY growth of ~27% with respect to individual weighted received premium (WRP), maintaining a strong growth trajectory post GST exemption (18.9% YoY growth in Oct’25).
• Private players witnessed the fastest growth since Mar’23 at 28% YoY. On the other hand, LIC continues to report 20%+ growth for the second consecutive month, growing ~23% YoY. Faster growth by private players resulted in sequential market share expansion to 75% with respect to the individual WRP.
• Among the listed players, SBILIFE and Bajaj Life were among the fastest-growing players, with individual WRP growing ~33% and 39% YoY, respectively. MAXLIFE/ HDFCLIFE/IPRULIFE/CANARAHSBC grew 23%/20%/13%/26% YoY.
• The industry’s new business premium grew ~23% YoY in Nov’25, driven by 12.5% and 35.0% YoY growth in premiums for private and public players, respectively.
• SBILIFE/HDFCLIFE/MAXLIFE/Bajaj Life/CANARAHSBC’s new business premiums grew 34%/ 2%/24%/65%/30% YoY, while IPRULIFE’s new business premiums dipped 40.5% YoY.
• We expect this strong growth momentum to continue, aided by a strong focus on traditional products, improvement in affordability due to GST exemptions, and expansion of reach by private insurers through geographical penetration. MAXLIFE is our preferred pick within the sector.

Individual WRP market share for private players improves MoM

• The individual WRP market share of private players improved MoM to 74.8% in Nov’25 (70.3% in Oct’25).
• In Nov’25, SBILIFE maintained the top spot with 18.8% market share in individual WRP, followed by HDFCLIFE at 9.9% and MAXLIFE at 7%.
• On an unweighted premium basis, SBILIFE was the largest private player with a market share of 22.7% in the private industry, followed by HDFCLIFE at 16.4% and IPRULIFE at 12.6%.

Performance of key private players

On an individual WRP basis, the combined market share of private listed players – SBILIFE, HDFCLIFE, IPRULIFE, MAXLIFE, and Bajaj Life – accounted for 63% of the private insurance industry as of Nov’25. Among other prominent private insurers, TATA AIA reported a market share of 8.3%. Among the key listed players based on individual WRP:

• HDFCLIFE grew 20% YoY in Nov’25. The total unweighted premium grew 2% YoY.
• SBILIFE grew 33% YoY in Nov’25. The total unweighted premium rose 34% YoY.
• IPRULIFE increased 13% YoY in Nov’25. The total unweighted premium dipped 40.5% YoY.
• MAXLIFE grew 23% YoY in Nov’25. The total unweighted premiums grew 24% YoY.
• CANARAHSBC grew 26% YoY in Nov’25. The total unweighted premiums grew 29.5% YoY.

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